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I have a pending 1031 exchange. Can i take the funds from the

QI and purchase property...
I have a pending 1031 exchange. Can i take the funds from the QI and purchase property in my name and then deed the property to my family trust without incurring federal tax liability?
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Answered in 4 minutes by:
10/2/2012
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,265
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
Unfortunately no. The taxpayer cannot receive any money until the exchange is complete. If you want to receive a portion of the proceeds in cash, this must be done before the funds are deposited with the Qualified Intermediary. If you take any funds from the QI the 1031 is null.

Robin D :

Please be aware that you are rating my courtesy and service as a professional, and not necessarily whether you like the information that you are receiving.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,265
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor

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