Nine Steps to a Successful Tax-Deferred Exchange
1. Taxpayer enters into a contract with buyer to sell "Relinquished Property".
2. Taxpayer notifies 1031 STRATEGIES & SERVICES, INC. ("1031 S&S") of pending sale.
3. 1031 S&S provides the "Qualified Intermediary" services on sale of Relinquished Property, and prepares an Exchange Agreement between 1031 S&S and Taxpayer, and instructions to escrow/settlement agent.
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4. Pursuant to Exchange Agreement, Taxpayer transfers Relinquished Property to buyer, and escrow agent disburses net proceeds from sale to 1031 S&S.
5. Within 45 days from transfer of Relinquished Property, Taxpayer identifies alternative "Replacement Property(ies)".
6. Taxpayer signs contract(s) to purchase "Replacement Property(ies)" from Seller(s).
7. Taxpayer assigns Replacement Property contract(s) to 1031 S&S.
8. Within 180 days from transfer of Relinquished Property, 1031 S&S purchases Replacement Property(ies) using net exchange proceeds, with legal title transferred from seller directly to Taxpayer.
9. At end of 180 days period, 1031 S&S sends Taxpayer all earned interest and any remaining net proceeds.
Special Circumstances Requiring Additional Planning
* Exchange Among "Related Parties"
* Partnership Redemption Issues and TICs
* Is the Property "Real" or "Personal"
* Mixed-Asset or Mixed-Use Properties
* Receipt and Treatment of Buyer's Promissory Note
* Exchanging Intangible Assets
* "Reverse" and Build-To-Suit
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