Another Blow to Faltering 1031 Real Estate Industry - CoStar Group
Further evidence of how "low and no" regulation is rocking the US economy. The 1031 Exchange is widely used as a way to defer taxes on the sale of property. Typically the exhanger sells property and has 45 days to identify a replacement property and 180 days to close on that new property without suffering any tax consequence. The money from the sale of the first property must be held in escrow by an exchange accomodator for the 1031 exchange to be legal. Surprisingly there are NO LICENSING REQUIREMENTS TO BE an exchange accomodator. Your barber is subject to more oversight!
Now many folks risk not only losing there tax deferred treatment but losing the funds from the sales as well.
Wake up America!
exerpted:
LandAmerica Financial Group Inc., Fortune magazine’s number one Most Admired Company in the mortgage services industry in 2007, shut down operations....
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