What We Do
One of the most important decisions you will make regarding your exchange is the choice of whom you will use as your Qualified intermediary (“QI”). In addition to knowing and understanding the safe harbors prescribed by the IRS regulations, your QI must be experienced in procedures and treatment of different real estate situations and requirements that arise in varied exchange transactions. Expect your QI to be ready, willing and able to answer even the most complex 1031 questions.
Custom 1031, Inc. is a nation-wide Qualified Intermediary specializing in all types of 1031 tax deferred exchanges. Our professional staff will consult with you and your tax and legal advisors concerning your particular circumstances and property transactions. We prepare the documents necessary to complete your exchange and properly comply with current Section 1031 tax law. We are committed to managing these requirements for every client.
It is crucial to select a QI with professional credentials and extensive experience. We offer both along with our dedication to provide you with exceptional planning and assistance during your exchange.
You cannot have actual or constructive control of any of the proceeds received from the sale of the relinquished property. By law, all money is held by a Qualified Intermediary (also referred to as a Facilitator or Accommodator). You cannot have an associate or employer, your broker, attorney or CPA hold the proceeds, nor can you leave the proceeds in escrow until the replacement property is purchased.
- You have 45 days from the date of closing on the relinquished property to identify a list of potential replacement properties.
- From the date of closing of the relinquished property, you have 180 days to close on one or more of the properties from your 45-day list.
- The titleholder on the relinquished property must be the same titleholder on the replacement property.
- You must reinvest all cash proceeds and replace all debt that you were relieved of from the sale, and purchase a replacement property or properties of equal or greater value, in order to avoid taxation on the gain(s).
We are now in our sixteenth year of business, providing fast and efficient service to all fifty states. We are simply a phone call away (1-800-736-5536). Whether you are in need of a Qualified Intermediary; Exchange Accommodation Titleholder (EAT) or just have questions, we are happy to serve you in any way we can.