Can a bank be a qualified intermediary for a 1031 exchange?

The short answer to this question is “yes . . . but.” “A” bank could serve as a qualified intermediary.

Can I be my own qualified intermediary?

There aren’t any licensing or educational requirements necessary to be a qualified intermediary. To be considered qualified under Internal Revenue Code (IRC) section 1031, you cannot be an intermediary for yourself, nor can anyone related to you or anyone who has acted as your agent in the previous two years.

Can a CPA be a qualified intermediary?

Agents. However, CPAs, attorneys, investment bankers, and real estate agents/brokers fall under the ‘agent’ category, so they cannot act as your Qualified Intermediary. Additionally, any business or individual who is affiliated with the agent also cannot act as a Qualified Intermediary.

Can my attorney be my qualified intermediary?

The IRS rules provide that an attorney cannot act as a qualified intermediary for a client if the attorney has performed services for the client any time during the two year period ending on the date the relinquished property closes, unless those services are limited to the client’s 1031 exchange.

What does a 1031 intermediary do?

A qualified intermediary (QI) must facilitate a 1031 exchange. Once the agreement is finalized, the QI moves forward with the 1031 exchange. This means they will be responsible for all aspects of transferring and acquiring the properties between the buyer and the seller, including handling funds.

Is Wells Fargo a qualified intermediary?

As a qualified intermediary, Wells Fargo typically holds funds during the course of deferred exchanges.

Can a CPA be a Qualified Intermediary?

What banks do 1031 exchanges?

Best 1031 Exchange Companies of 2021

Best Overall: IPX1031.
Best Value: First American Exchange.
Best for Complex Exchanges: Exeter 1031 Exchange Services.
Best for Tax and Business Planning: Strategic Property Exchanges, LLC.
Best for Comprehensive Banking Services: Wells Fargo.
Best for Simple Fee Structure: 1031x.com.

Who can be a 1031 exchange intermediary?

The law also stipulates that your 1031 exchange intermediary can’t be an agent of yours, such as an attorney, CPA, real estate agent or broker. But beyond that, a 1031 exchange agent can be anyone.