FLORIDA EXCHANGE

 Deferred Exchanges

 
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Florida Exchange acts as qualified intermediary for deferred like-kind exchanges.  Funds are deposited with Attorneys' Title Insurance Fund, Inc.

In the typical deferred exchange, the owner of real property first relinquishes the currently owned property (the "relinquished property"), and the proceeds are deposited with Attorneys' Title Insurance Fund, Inc.  The owner must then identify replacement property (under the regulations of the Internal Revenue Service, the owner must "identify" replacement property within 45 days following the closing date on the relinquished property, by sending a letter to Florida Exchange).  The IRS has put forth complicated rules for identification which must be carefully following  To qualify for exchange treatment, replacement property must be acquired within 180 days from the date of relinquishment. 

Key Benefits

bulletThe "qualified intermediary" format for deferred like-kind exchanges is one of several "safe harbors" established by the IRS regulations.  Taxpayers who adhere to the requirements of a safe harbor are entitled to the desired tax treatment, in this case, deferral of the tax on the gain that would otherwise be taxed from the sale of the relinquished property. (Taxpayers who do not utilize a safe harbor (or who do not adhere to the safe harbor requirements) may or may not have the benefit of the tax deferral, as determined by the IRS by the "facts and circumstances" of the transactions.
bulletFEC assists the taxpayer's tax and other advisers in structuring the exchange to fall squarely within the qualified intermediary safe harbor.
bulletProfessionally prepared exchange documentation.
bulletTimely assistance and reminders of key deadlines.

Capabilities

FEC and its principals have participated in more than 1,000 exchanges.  FEC brings this experience to each new exchange and assists the taxpayer and the taxpayer's advisers in providing a workable structure for the exchange.

FEC  is committed to the provision of first-rate service and documentation .

Exchange accounts are maintained by the Escrow Operations Department of Attorneys' Title Insurance Fund, Inc. which provides safety and security for the exchange funds along with the assurance that the exchange funds are available for the acquisition of replacement property.

 

 

 

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                              Persons interested in like-kind exchanges should always seek tax advice.

The information contained in these web pages is not intended to be, and should not be considered or relied upon as, legal,  tax or accounting advice. These web pages are only intended to be a general treatment of the subject matter and the reader agrees, by accessing these pages, that neither Florida Exchange nor any other person or entity shall have any liability arising from the information presented.  Each reader who does not agree with the foregoing release of liability is directed to exit these web pages immediately.

The general information provided in these web pages is subject to exceptions, additions, interpretation, and changes to the statutes, regulations and case law, by Congress, the courts, and the Internal Revenue Service. The general information provided in these web pages is also subject to facts that are specific to each reader and which are therefore clearly outside the scope of these pages.

 

 

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                                             Last modified:  08/19/2008