qbteachmt
Level 15

"I have been reading the Like kind exchange 1031, but I really do not understand it. That is why I reached out to the community."

My favorite articles lately have been found on Investopedia:

https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx

 

1031: "Let's sell that marina and buy a shopping center."

Not 1031: "Let's sell a lot, buy a different lot and build a vacation home."

I describe it to my clients as "carrying over the invested value to the new project."

"I also believe you have to get a qualified intermediary for 1031 exchange but this is just my opinion"

That's not just opinion; you cannot touch the funds (needs to be handled as escrow) or DIY.

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