Legal Question in Tax Law in North Carolina
Qualified Intermedary
We are selling land investment and need to do a 1031 with a qualified Intermedary. Is that the same as a tax lawer? Never done this before and wish to invest in rental properties so need a time frame, ect in which to do everything legal and avoid taxes for capital gain.
Asked on 8/01/05, 9:31 am
1 Answer from Attorneys
Michael Elliott
Elliott Law Firm, PC
Re: Qualified Intermedary
A qualified intermidiary is usually a bank or escrow agent that holds proceeds from the original sale, pending the new transaction.
Section 1031 exchanges are complex and you should seek comptetent legal counsel. I do these types of transcations and would be happy to discuss your options with you.
You may call at 704-947-3838. Also visit my website at www.elliottlawfirm.net.
Answered on 8/01/05, 10:26 am
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