Need Accountant Specializing In 1031 Exchange
I need the name/number of an accountant who is intimately familiar with 1031 exchanges involving two different states. No amateurs (sp?)/those without much experience.
Would appreciate any investor who does a lot of 1031 exchanges and is pleased with his accountant sharing his contact information.
Many thanks,
Terry
I did not use an account. I used a specialist facilitator. Happened to be a tax attorney who worked full time for a title company in a separate division. The title company was Fidelity TItle in this case.
You need someone who knows the process and the tax code.
I would ask your local title companies if they have a recommend or in-house 1031 facilitator.
BTW - Size does matter. Pick a firm that is large enough that the E&O coverage and their assets mean they can cover any mistakes. If they do a lot of 1031's there should be no issues but it is good to know that you have an 'umbrella' just in case.
I would not use a 1 person shop.
John
[addsig]
Thank you, John. Will do.
Terry
We would be happy to assist you. We administer all types of 1031 exchange transactions in all 50 states. I have administered in excess of 50,000 1031 exchanges since I got into the business in 1986. My contact information is in my profile or you can view our web site at http://www.diversifiedexchange.com.[ Edited by wexeter on Date 05/26/2004 ]
Get an exchange accomodator that works in your local area. If you are direct deeding the relinquished property to your buyer and having the replacement property direct deeded to you, you could do both settlements by mail.
Have the settlement company wire transfer the exchange proceeds to your exchange escrow agent.
Contact the trust department at your local bank. Ask who to talk to about 1031 exchange escrow services. Get a referral to a lawyer in your area who has drafted exchange escrow agreements for the trust officer's clients.
This is how I handled my last exchange involving out of state properties. My relinquished property was in OH, the replacement property was in MD, and my exchange accomodator is in SC where I reside. A local real estate attorney drafted my exchange escrow agreement.