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Updated over 10 years ago,

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1,855
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958
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Marian Smith
  • Real Estate Investor
  • Williamson County, TX
958
Votes |
1,855
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Who to use as a QI in a 1031 delayed exchange

Marian Smith
  • Real Estate Investor
  • Williamson County, TX
Posted

i don't see anywhere in the IRS code that states that the QI needs to be anyone in particular.  It just can NOT be a relative,  or your accountant, realtor, etc.

I was just quoted a $1200 price for a 1031 exchange professional.  A title company aught to offer it as a standard service...not for free.  But not for $1200 for crying out loud.

Anybody use a friend or relative who is a lawyer or accountant?  I have a neighbor who would not steal from me who  has an accounting degree.  I could have the title company set up an escrow account in her name.and get a receipt of some sort.  I could make a list of 3 properties,  have it notarized and give it to her.  she could receipt that. That is about it from what I can tell.  Then she would give instructions to the title company to fund the next purchase.

Anybody ever do this?

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