1031 exchange failure

[Tyler Burr]

Looking for advice here and I'll try to keep it short. 

I hired console and an exchange agency to do a 1031. I was just told it failed and I have a very large tax liability. The exchange agency is claiming they didnt have the right information. My attorney is claiming they did. 

Why would the agency let me close a deal they knew would fail? 

Why did my attorney not realize? 

Right now there is a lot of finger pointing. Im stuck in the middle with the bill. 

Who do I go after? I hired people smarter than I to make sure this went right.

I appreciate any input. 

[Bill B.]

Step 1) find out why it “failed”  (Didn’t buy in the same name as you sold, didn’t buy more than you sold, didn’t submit 45 day form in time, and didn’t close in 180 days are the big obvious ones.)

Step 2) figure out did it fail completely or only partially? (Did you buy too little? (You might save some taxes.)

Step 3) figure out why that happened did happen. And how much if any of it was your fault. Hopefully if it’s obvious someone else is 100% at fault hopefully they have insurance or step up and help you out  

Anyway. Reply with answer to step 1 here or reach out to @Dave Foster. 

Lastly. Next time reach out for recommendations. I’m sure his name would have come up here if you had ask for recommended 1031 firms/QIs.