Highlights of Reverse Exchanges

• Reverse Exchanges must be completed in 180 days. The 180 days starts from date the Intermediary purchases the replacement property for the taxpayer.

• Within 45 days of the purchased parked property, an identification form must be completed that identifies the relinquished property that is to be sold.
 
• A new document called a “Qualified Exchange Accommodation Agreement” must be completed by the Qualified Intermediary and the taxpayer.  Upon the sale of an investment property, one can defer all capital gains tax by purchasing a replacement property.

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