1031 Tax exchange

[Cynthia Scaife]

Hello BP,

I have not done a 1031 Tax Exchange before though I have read about them and may have some info on them. But a client of mine sold his house and the buyer wants him to do a 1031 tax exchange amendment to the contract of late.  What will the client have to do in the future if he signs off to participate?

Any advise?

[Wayne Brooks]

I assume the sale has not closed yet.  It doesn't affect your seller in any way, no additional costs, no reason not to cooperate.  It will simply change the buyer to the Qualified Intermediary the buyer is required to use.