Benchmark Title Company, LLC

 

1031 Exchanges Q & A - Part 3

John Howe

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:  

John Howe
President

Doreen Miller, Esq.
Vice President and General Counsel

Michelle Null
VP Escrow Operations

Bethany Bond
Marketing Director


Serving you from three convenient locations:

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

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




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


 
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