Looking for a QI

[Patricia Andriolo-Bull]

Hi. I am listing my rental property for sale in the next week or so and would like to do a 1031 exchange. Looking to interview a couple of QIs for best fit and pricing. Anyone interested, please send me a message. It's a SFH in Fairfield County CT.

[Patricia Andriolo-Bull]

Quote from @Patricia Andriolo-Bull:

Hi. I am listing my rental property for sale in the next week or so and would like to do a 1031 exchange. Looking to interview a couple of QIs for best fit and pricing. Anyone interested, please send me a message. It's a SFH in Fairfield County CT.

 Also looking to sell a property we own in the Dominican Republic.  Do foreign properties allow for a 1031 exchange if we purchase the new property in the US?

[Bill Exeter]

Hi Patricia, 

Contrary to what you read, foreign properties do qualify for 1031 Exchange treatment.  However, the relinquished property and the replacement property must all be foreign property.  The sale of your Dominican Republic property and the purchase of a replacement property in the US would not be considered like-kind property for 1031 Exchange purposes. 

[Bernard Joseph S.]

I'm currently working with @Dave Foster and his company as I'm completing my first 1031 exchange into multiple properties. It has been a great experience so far and I have every confidence it will be successful. Reach out and let him know what you need, he's extremely helpful and will provide guidance. 

[Dave Foster]

@Bernard Joseph S., Thanks for those kind words.  You're doing your first like it was your 100th exchange!  @Patricia Andriolo-Bull, The 1031 exchange must be US property (and a couple of US territories - Guam and the USVI primarily) for other US property.  Foreigh property must be replaced by other foreign property to qualify for a 1031 exchange.  If you're wanting to reposition your assets in the 50 states you'll need to sell the DR and pay the tax.  Then you can reinvest the rest.  And once those properties start to season you can start your path of 1031 exchanges.

[Patricia Andriolo-Bull]

Quote from @Dave Foster:

@Bernard Joseph S., Thanks for those kind words.  You're doing your first like it was your 100th exchange!  @Patricia Andriolo-Bull, The 1031 exchange must be US property (and a couple of US territories - Guam and the USVI primarily) for other US property.  Foreigh property must be replaced by other foreign property to qualify for a 1031 exchange.  If you're wanting to reposition your assets in the 50 states you'll need to sell the DR and pay the tax.  Then you can reinvest the rest.  And once those properties start to season you can start your path of 1031 exchanges.

 Thanks.  I’m actually okay with selling the Dominican Republic property for another foreign property and the US property for another US property.

[Richard F.]

Aloha,

Check with your preferred Escrow company. Many have their own QI department.

[Dave Foster]

@Patricia Andriolo-Bull, You'll want a QI who specializes in foreign 1031s.  We have limited ourselves to the 50 states and US territories.  Andrew Gustafson at Atlas 1031 - https://atlas1031.com/ does international exchanges I believe.  And @Bill Exeter, Bill I can't remember if you do international or not.

Either of these guys will do a great job for you.  You can remember us when it's domestic :)  

[Bill Exeter]

Good morning @Dave Foster, yes we do foreign property 1031 Exchanges.  Foreign property 1031 Exchanges are more complicated due to the local laws, regulations, closing customs, etc.  There are also foreign currency issues.  It is important that the QI is able to accept and hold the 1031 Exchange funds in the foreign currency and not convert to U.S. Dollars (unless needed) to prevent foreign currency risk.