Advice for 1031 Exchange Qualified Intermediary
Hi Everyone,
I want to do a 1031 Exchange for a recent investment. I invested $50 K in a fix and flip last year, and it is about to sell in a couple of weeks, with a profit of $10K -$15k. I want to rollover the principal and profit into another fix and flip starting in another month. This is my first time doing 1031 Exchange and I am not sure of exactly how to set it up. I read that you need a Qualified Intermediary for this transaction. Does anyone have a recommendation for a good QI in the Linden/ Union County Area that charges reasonable rates ? Also do I need to use a QI for this to be a 1031 Exchange? Can my Accountant, RE Agent or Lawyer do the necessary paperwork ?
This is my first time and I am not sure how exactly it needs to be done, and if it would be worth it to do it vs paying the taxes. Any advice on this would be greatly appreciated.
Thanks,
Altaf