1031

On October 1, 2013, new legislation that regulates qualified intermediaries facilitating tax-deferred 1031 exchanges took effect in Connecticut. This law, Public Act 13-135, is similar to the Model Act which has been endorsed and widely publicized by the Federation of Exchange Accommodators, a trade group of professional qualified intermediaries (QIs). QIs, also known as accommodators, are companies engaged in the business of facilitating tax-deferred property exchanges under IRC §1031. Their duties are defined by statute, although Nevada is the only state to require that QI's be licensed. Stringent restrictions provide that no relative or person who has had a financial relationship with the taxpayer conducting the exchange during the prior two years may serve as the QI in the exchange... Unless expressly stated otherwise on this website, (1) nothing contained in this website was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer..

Also known as: 1031 Exchange, 1031 Exchange Made Simple