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The ADE difference: Knowledge, experience and exceptional customer service. ADE is your full service qualified intermediary for 1031 exchange transactions.
1031 Tips: Being Brilliant at the Basics

Just like in baseball, when planning for a 1031 exchange, understanding certain basics will help you have a successful turn at bat.  Being brilliant at the basics  will help you hit a home run. With a 1031, your success primarily hinges on having a basic understanding of this transaction and paying attention to certain key factors. To assist you, we have organized this blog in the typical order of an exchange laying out what is most important to know throughout the process to maximize the amazing benefits a 1031 offers. We encourage you to click on the links with each topic to access more in-depth information from our archives.




 



Question Corner

I've been advised not to change my ID letter after 45 days. What is the big deal? Since the letter isn't sent to the IRS, how would they ever know that we swapped it for another one later?

  
You received good advice. Changing your letter or swapping it for another after the deadline can be considered tax fraud. One attorney that helped a client do exactly this decided to turn state's evidence to keep from going to jail. The exchange was disallowed, the exchanger was assessed an 80% penalty, and severely reprimanded by the court. You have 45 days to select potential replacement property to identify. After that, your choices are set and cannot legally be altered.
  45 & 180 Day Requirements
Things You Need to Know
Quick Links
 
Ron Raitz, CCIM - President

Building ADE with a foundation of educating others on 1031 exchanges, Ron offers continuing education courses for professions which include CPAs, attorneys, realtors, and investor groups. He is also a lecturer in academia at GSU, Mercer Law, Georgia Tech and Emory's graduate real estate programs.