1031 Tax Deferred Exchanges
Are you positive that the 1031 tax-deferred exchange forms your qualified intermediary is using are still current? In a reverse exchange, is your qualified intermediary treating the property as their own for taxation purposes? Do they contract with attorneys and CPAs who keep them abreast of developments in the Internal Revenue Service regulations? Does your qualified intermediary regularly read the Internal Revenue Code?
If you have answered "no" to any of the questions above, you are at severe risk of loss in the event of an audit of the exchanger. Your current qualified intermediary may not be the best person to handle your 1031 transaction.
Asset Preservation, Inc., a wholly owned subsidiary of Stewart Information Services Corporation, is here to help you navigate your way through the maze of 1031 exchanges. API employs experienced exchange counselors and regularly works with attorneys and CPAs to keep current with new IRS rulings that affect exchanges. Their services are available to your customers at a fair and competitive price.
Why should you use API?
- Numbers equal experience, and API has completed over 50,000 delayed exchanges and over 1,000 reverse exchanges in its 11-year history.
- If the exchanger gets audited and loses as a result of errors made by your qualified intermediary, the exchanger will have to pay the capital gains taxes plus any applicable interest and penalties. Your qualified intermediary's Errors & Omissions insurance may not cover this mistake. Can your qualified intermediary afford to pay these costs? Probably not.
- There often may be facts in the transaction that disqualify you or your agency from acting as a qualified intermediary.
- Asset Preservation, Inc. will provide your exchanger (upon request) with a Letter of Assurance that the funds are securely backed by the financial strength and integrity of Stewart Title Guaranty Company.
Are you a REALTOR® who is interested in promoting 1031 exchanges to your customers but not quite sure how to do so? The answer is simple, Asset Preservation, Inc., promotional brochures.
These full-color, informative brochures are just the answer. They will answer some of your customers' basic questions on 1031 exchanges including the different types of exchanges that are available and will provide a brief overview on the nuts and bolts of the transaction. The brochures also talk about the benefits of using API for your exchange transactions.
API is a premier nationally recognized "qualified intermediary". Their experienced exchange counselors can quickly and competently handle your exchange needs. Sherri Stine is the Wisconsin Division Manager for API. She has been trained by API and will be able to assist you with your concerns, basic questions and get you on the right track to assisting you and your customers with their 1031 exchange needs. You can reach API at (800) 282-1031.
You may also connect to the Asset Preservation website at www.apiexchange.com.