I Can't Finish My 1031 Exchange. Can I Have My Funds Now?
1031 Exchange transactions are not 100 percent reliable; they will indeed fail on occasion. If this happens to an Investor for any reason - failure to identify or acquire like-kind replacement properties, or any other reason - Section 1.1031 of the Department of the Treasury Regulations offers Safe Harbor provisions that will allow a 1031 Exchange to not be rendered invalid by the IRS, provided said Safe Harbor provisions.
The Qualified Intermediary in any 1031 Exchange must be sure to adhere to any and all aspects that pertain to the successful completion of the 1031 Exchange; however, if all aspects and regulations of a 1031 Exchange are followed completely and the transaction is still unsuccessful, an Investor who wisely elect to structure a 1031 Exchange transaction under Safe Harbor provisions, they also "elect" to comply with the limitations of such a transaction. However, if an Investor does not adhere to Safe Harbor provisions, a failed 1031 Exchange can be more expensive to the Investor than if they sold their relinquished property outright and paid the capital gains tax.
Disclaimer: 1031 exchange made simple does not guarantee the performance of the QI's in our referral network and we can not be held liable for any misrepresentations or mistakes in regards to a 1031 exchange by one of the QI's that we refer to you. 1031 Exchange made simple does not provide tax advice nor can we make representations regarding the tax consequences of an exchange transaction. 1031 Exchange made simple is a 1031 QI Referral Network. 1031 made simple is not responsible (in any way) for the performance, creditability, and financial condition of any QI in our network. In this new economic environment it is imperative that all potential 1031 exchange customers do their own due diligence and research on any QI that they may use, on a 1031 exchange. Please verify and check the validity of the Bonding and Insurance of your QI. It may be wise to have your 1031 exchange accounts set up as separate, individual customer accounts. Our web site is to be used as a information based web site only. All parties doing a 1031 exchange must consult their tax advisors or attorney for this information.
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