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1031 Exchanges Q & A - Part 3
1031 Exchanges Q & A - Part 3
Can I add money to the exchange and acquire an even more expensive piece of
property than I am giving up?
Yes you can, as a matter of fact this is a very popular thing to do and is
called “Trading Up”
Can I acquire more than one piece of property?
Yes, but quantity and value of your replacements must conform to the
replacement rules.
Can I sell two properties and acquire just one replacement?
Yes you can, however, the strict timing requirements start from the closing
of the first property.
If I select a replacement property and need a deposit, or down
payment, where do I get the funds?
Benchmark (Accommodator) will forward the funds for the earnest money
deposit but only with written instructions from you.
How long should I hold acquired property to qualify?
The longer, the better. The IRS has no specific time limits written into the
law. Property held longer than two years is generally acceptable to the IRS;
less than 12 months may raise a red flag. More importantly, what is your
intention for the property at the time of purchase? We highly advise 1031
clients seek counsel from a CPA and or their tax attorney for their
individual circumstances.
Do I always need an Accommodator?
Yes, there must always be an accommodator. Benchmark Title has acted as
Intermediary a great number of times and has all the needed forms to
facilitate this kind of transaction.
Can my brother in law be the Intermediary / Accommodator?
No. An accommodator must be non-related. Disallowed parties also include;
co-owner, accountants, lawyers, brokers, or employees of the exchangor.
Who can do the exchange?
Benchmark Title has a vast knowledge and large amount of experience in this
process; however, once again you should always consult with a tax accountant
and your attorney before getting into a 1031 exchange. It may not be the best
avenue for you to take, but then again it can save you a considerable amount
of tax liability under the right circumstances.
Any questions can be directed to Benchmark Title at 618-239-3750. Please feel
free to call or email:
Serving you from three convenient locations:
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Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Benchmark
Title is celebrating our 10 Year Anniversary!!!
With
10 years of the highest quality of service, & the most accurate product
in the industry, we would like to say
Thank You for making us successful!!!!
Dates
to Remember
March 28, 2008 - GGAR Annual Awards Banquet at Collinsville
Gateway Center, Collinsville, IL
Reception 6 pm, Dinner 7 pm, Awards Presentation 8:30 pm, Comedian Mark
Morfey 9:30 - 10 pm
$30 per person in advance, reservations required by March 12- Fax to
618-692-8307 or Email to general@gatewayrealtors.com
March 29, 2008 - Please wish our employee Joni Evans a
HAPPY BIRTHDAY!!
June 6, 2008 - First Horizon Golf Tournament for Habitat for
Humanity at Arlington Golf Course. Contact Jamie Hollenkamp
at 618-288-8656 or at jhollenkamp@firsthorizon.com
Did
you say free?
Be the first in your
office to try out SureClose.com,
Benchmark Title's new FREE online transaction management system. Why waste
time making status phone calls or standing by the fax waiting for your title
commitment when you can get what you need instantly from your own computer.
Visit SureClose.com for more
information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you
can start saving yourself time and money today. We'll even give you and your
clients a free CD at closing containing copies of their closing documents.
Give me my policy!
Did you know that
lenders and home buyers now receive their title policies at the closing
table? Contact Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program.
Ready to refi?
Lenders and
homeowners will want to hear about our fantastically low new refinance rates.
Contact us today for a quote!
Why wait?
You can place your
next title order now by clicking here.
Customer Feedback
Line
After your closing please call our customer feedback line at (618)310-1307
ext. 26 and leave your comments. We will send you a token of our appreciation
for your time.
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