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CAUTION: Receipt of Exchange Funds can Kill your 1031
 Exchange proceeds can be released from the exchange deposit account with written authorization signed by the Exchanger for expenditures related to the acquisition of identified replacement property. Typically this includes earnest money deposits. Exchange proceeds cannot be used to cover mortgage acquisition costs, such as points, application fees and processing fees. In order to have funds released for earnest monies, the Agreement of Sale for the replacement property MUST be assigned to 1031 CORP., as the Qualified Intermediary (QI). If you made an out-of-pocket deposit on the replacement property, it can be reimbursed from the exchange deposit account at the time of acquisition.
If no replacement property is identified within the 45-Day Identification Period, you do not have a valid exchange and the sale is a taxable event. All funds are released from the exchange deposit account on Day 46 (or the next business day). In no case can exchange funds be released and the exchange cancelled until the expiration of the 45-Day Identification Period.
Learn how to Protect your 1031 Exchange |
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Tricks to Make your 1031 a Treat
- Get 1031 CORP. involved as soon as you have a
 signed agreement with your buyer. - Work with a real estate professional who understands 1031 exchanges.
- Discuss your situation with your tax advisor before you start so you know a 1031 exchange is the best way for you to proceed.
- Start looking for your replacement property as soon as you have signed an agreement with a buyer.
- Keep 1031help@1031CORP.com handy so you can email us your questions any time. This group mailbox will help get you a response quickly after hours. You can also contact anyone via their cell phones.
- When signing your agreement for your replacement property, be sure to include the 1031 Exchange Addendum so you can request the earnest money deposit from your exchange account.
- Let 1031 CORP. have as much notice as possible about your upcoming closings so we can get the necessary instructions to your closing agents as soon as they start working on your file.
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Lunch & Learn Webinars 
Join us for one of our complimentary Lunch & Learn Webinar Series webinars designed to provide quick educational sessions to help you build and preserve wealth. Grab your lunch and log on to a computer near you!
1031 Exchanges Made Easy
Thursday, November 3rd, 12:05 - 12:50 pm EST
This webinar will provide an overview of 1031 tax-deferred exchanges and their many benefits. We'll also review the requirements of a successful exchange. Register Now!
Advanced 1031 Exchange Topics
Thursday, November 17th, 12:05 - 12:50 pm EST
This webinar will r topics as reverse and improvement exchanges, personal property exchanges, related party transactions, installment sales and partnership issues. 1031 exchange basics will not be covered so you are encouraged to take the "1031 Exchanges Made Easy" webinar first. Register Now!
View Complete Education Schedule for Seminars and Webinars |
Stop By and Say Hello! 
Stop by the 1031 CORP. exhibit if attending one of these upcoming event and say hello to Sue Umstead, CES® and Margo McDonnell, CES®.
National Association of Royalty Owners (NARO) Town Hall Meeting
Thursday, November 10th, 4:30 - 7:30 pm ET
Greater Philadelphia Expo Center, Oaks, PA More Details
Delaware Valley Legal Expo 2011
Wednesday, November 16th, 3:30 - 7:00 pm ET
Presidential Caterers, East Norriton, PA More Details |
Upcoming CE Courses 
The 1031 CORP. team is providing a number of seminars and continuing education courses on 1031 exchanges and related issues in the next few weeks.
Tax Issues in Commercial Real Estate Investments
Tuesday, November 1st, 5:00 - 8:30 pm ET
Presented by Richard Heller, Esq., CCIM, CES®. More Details
Tax Evasion or Tax Avoidance?
Thursday, November 3rd, 7:00 pm ET
Presented by Bettye Mattews, CPA More Details
1031 Tax-Deferred Exchanges
Tuesday, November 15th, 9:00 - 10:30 am ET
Presented by Sue Umstead, CES® and Bettye Matthews, CPA
More Details
View Complete Education Schedule for Seminars and Webinars |
Message from our President
 | | Margo McDonnell |
Dear Friends,
Happy 1031 Day! The day where the calendar reads 10/31 is the day the exchange industry celebrates as 1031 Day. We are sending this newsletter out a little later so we could send it today and kick off our LIKE IT Sweepstakes - 31 days of giveaways and everyone who likes the 1031CORP Facebook Page is eligible to win!
It's been busy since our last newsletter. If you haven't looked at our education and event schedule, check it out! We have more seminars, webinars, continuing education classes and exhibits this Fall than we can remember. Sue, Rich, Bettye and I are all over the place. To schedule a presentation for your group, just shoot me an email.
Additionally, Sue, Rich, Joe and I attended the 2011 Federation of Exchange Accommodators (FEA) Annual Conference in Las Vegas. FEA is the national trade association for 1031 exchange practitioners. Excellent CE classes and great networking with other 1031 professionals. It was good to hear that most members were experiencing more exchange activity than last year and the Mid-Atlantic Region is probably one of the strongest markets! Our lobbyists reported they don't expect any changes to section 1031 but they always keep their ears to the ground just in case some crazy idea pops up in the middle of the night.
Sue and Marissa were selected to serve their second term on the Certified Exchange Specialist® (CES®) Certification Council
and both are actively involved in several committees. Speaking of CES®, I was honored to co-present the Margo McDonnell CES® Perpetual Award for Outstanding Service to Max A. Hansen, CES® of American Equity Exchange in Dillon, MT. I was humbled in 2008 when the CES® Council presented me this award to be for my work in the development of the CES® Program and it has been awarded to a CES® Designee each year that goes above and beyond for the 1031 industry. I was elected to the FEA Board of Directors and named secretary. I am coming off a three year "break" after having served on the Board for eleven years. I'm also co-chair of the 2012 Annual Conference. I am looking forward to being more actively involved again!
I'm looking forward to an extra hour of sleep next weekend but not the colder weather. It's already looking like more crazy weather is on the way this winter.
On 1031 Day, I would be remiss if I didn't thank you for supporting 1031 CORP. and spreading the word about 1031 exchanges and their benefits. We appreciate the opportunity to help you with your 1031!
And Happy Halloween, too! Obviously we have had a little fun with Halloween today and we hope you did too. Can't wait till tonight!
Best regards,
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Article Exchange
If you have an article you would like to share, please forward it to Margo McDonnell,CES® and we'll include it in next month's reading list. |
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About 1031 CORP.
1991 - 2011: Celebrating 20 Years of Excellence
Serving as a nationwide qualified intermediary for 1031 tax-deferred exchanges since 1991, 1031 CORP. strives to provide a superior exchange experience for our customers and their advisors. We provide our customers with enhanced security of funds, knowledgeable exchange professionals and a commitment to keep the exchange process simple for our customers and their advisors. Every member of the exchange team is a Certified Exchange Specialist® and has the experience and expertise to facilitate even the most complex exchange transaction, including reverse, improvement and personal property exchanges. Additional information can be found at www.1031CORP.com. |
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Happy 1031 Day!
While most think of 10/31 as Halloween, we in the 1031 exchange industry consider it 1031 Day!
To celebrate, 1031 CORP. is kicking off its LIKE IT Sweepstakes with 31 days of giveaways. Every d ay, we will choose a winner and award a gift card and copy of Bettye Matthews' book, The New §1031 Handbook!
How to Enter to Win?
It's easy! Just LIKE our 1031CORP page on Facebook for an entry.
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Margo McDonnell, CES®
Certified Exchange Specialist®
President
1.800.828.1031 ext. 212
Mobile: 610.680.6896
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Sue Umstead, CES®
Certified Exchange Specialist®
Senior Vice President
1.800.828.1031 ext. 208
Mobile: 610.755.8520
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Marissa LoCascio, CES®
Certified Exchange Specialist®
Senior Exchange Officer
1.800.828.1031 ext. 210
Mobile: 610.742.4351
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Richard Heller, Esq., CCIM, CES®
Consultant
Media, PA
1.800.734.1031
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Bettye J. Matthews, CPA
Consultant
Westminster, MD
1.800.680.1031
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Joseph F. Szajnecki, CES®
Consultant
Media, PA
1.800.734.1031 |
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1031 CORP. Working with R.E.I. Consultants
 1031 CORP. announced that it has entered into a working arrangement with R.E.I. Consultants, Ltd. and will now offer the many clients of R.E.I. Consultants, Ltd. qualified intermediary services under the 1031 CORP. brand. The transaction was completed July 1, 2011.
Read Full News Release |
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"LIKE" 1031 CORP. on Facebook to receive a daily tidbit on 1031 exchanges and related topics.
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