"oneilljf" <oneilljf[at]usa.net> wrote:

- quote -

500$
You need to use a Qualified Intermediary. I used Assets
Preservation Inc. Look at their website.

A sloppy settlement attorney won't follow the directions
your QI sends them regarding closing instructions.

Steve

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I am interested in accomplishing a 1031 exchange.
-- Currently I own a rental property in NJ. It has a market
value of $165K and still has a $50K mortgage on it.
-- I want to find a tax lawyer to help me exchange this
property for another rental property in NJ.
-- The new property's value is $300K and I will carry a
mortgage for the remainder (after the exchange).

What are the typical costs associated with a 1031 exchange
and who else do I need to enlist to complete the exchange
(other than a real estate agent)? Finally, what are some
gotchas or things to look out for so?

Thanks for the help

-John

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->