Like-Kind Exchange - Issue Summary
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| What is the fundamental issue? |
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| I'm a Realtor®. What does this mean to my business? |
| The exchange rules often provide a Realtor with an opportunity to facilitate two transactions: the sale of the relinquished property and the purchase of the replacement property. Any curtailment of the exchange rules will make both pieces of exchange transactions more difficult to conclude. The like-kind exchange technique is among the most important of all tax provisions for real estate investors. |
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| NAR Policy: |
| The like-kind exchange technique is fundamental to the real estate investment sector. Every phase of the transaction should be retained. Safeguards should be available to protect the real estate investor's assets during every phase of the transaction, particularly during the phase when the qualified intermediary holds property and funds on behalf of the investor. |
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| Legislative/Regulatory Status/Outlook: |
| No legislation related to Section 1031 is expected in 2008. The IRS, however, may examine the role of qualified intermediators and may issue regulations or other guidance to protect investors' assets. |
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