1031 Like Kind Exchange

[Jason Lee]

Hello;

I am looking into doing a 1031 like kind exchange.  I have rental property.  I have not sold the property in question yet, but do have a prospective buyer interested who is wanting to speak to the tenant(who wants to stay).

Can I use a real estate attorney (who has never done any previous work for me before) to close the property, hold the funds from the sale, and then transfer funds to the new closing?

The house I am selling will be in a different state from the house I am buying.

Or do I need to find an accountant to do this?

[Mark H. Porter]

No, the entire proceeds from the sale Must get transferred to a qualified intermediary at sale.  You can never touch it/. It’s imperative that a QI be involved from the point you have a contract.