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When looking for a qualified intermediary who is local to you, there are a lot of things to consider. It's an important decision and one that should not be taken lightly. Learn how to consider the qualifications of your QI so that you can select one that best suits your needs. 

https://www.accruit.com/blog/proposed-regulations-1031-exchangeIn June 2020, the IRS put out proposed regulations to further define what is considered personal property and what is consisdered included as part of real property. This included many types of real estate which include machinery, equipment, or other components which are affixed to the land, but may or may not be considered part of the real estate. The IRS took into consideration the significant amount of feedback received and changed the final regulations in favorable ways.

As the fourth quarter of 2020 draws to a close, exchangers must consider the tax implications of completing a 1031 exchange that spans two tax years. If you are starting an exchange at this point in the year, it is imperative to pay close attention to exchange deadlines.

Filing form 8824 is not simply "another" tax form. It is a critical step to appropriately document that a like-kind exchange has occurred. Once those financial statements are complete, accountants can utilize this information to prepare related tax returns. For owners who have completed a 1031 like-kind exchange, Form 8824 will need to be prepared and filed with the Internal Revenue Service (IRS).