Change 1031 QI

[Vincent Pal-Freeman]

Can one change the 1031 Qualified intermediary after the 45 day identification period but before the 180 day closing period?

[Whitney Nash]

Hello @Vincent Pal-Freeman

Unfortunately, no this cannot be done. The way the regs read…the party that acquires the relinquished property from taxpayer (the current QI) needs to be the party that delivers the replacement property to taxpayer. QIs looked at this when the real estate bubble burst in '08 and some exchange companies failed. Even in that circumstance, other QIs couldn’t step in. Sorry!