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 […]
Do I have to sign my ID letter or can I just send an email?
The 1031 Regulations state that the ID letter must be signed by the exchanger or exchanger legal agent. The signed ID letter can be scanned and delivered as an email attachment but listing the properties in the body of an email would not be sufficient.
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 […]