1031

Qualified Intermediary receives Certified Exchange Specialist TM Recognition
Destin, Florida: Old South 1031 Exchange Services, LLC, a nationwide 1031 Qualified Intermediary announces that Andrew Gustafson, a principal of the firm, is one of twelve business professionals in the state of Florida and less than two hundred nationally to earn the Certified Exchange Specialist (CES) designation, after meeting the examination and work-experience criteria established by the Federation of Exchange Accommodators (FEA). The FEA is a non-profit trade organization with a nationwide network of certified professionals accountants, attorneys, real estate brokers, and others to help investors handle the requirements of Section 1031 transactions.

Section 1031 Exchanges are complex transactions that permit investors to defer capital gains taxes on the sale of certain types of business, investment, or income property, provided specific criteria are met, including the replacement of the property with one or more properties of “like kind.” Investment real estate is the most common type of property exchanged in this manner, though many other types of property can be bought and sold through a 1031 exchange. Examples include construction equipment, easements, livestock, oil and gas, minerals, timber, water rights, airplanes, boats and yachts, and motor vehicles, among others.

The FEA is encouraging taxpayers to consider using a Certified Exchange Specialist to act as a “qualified intermediary” for their 1031 for good reason. According to Andrew Gustafson, “Almost anyone can claim to be a Qualified Intermediary. The problem is that Section 1031 Exchanges are complicated and highly specific, so even a small mistake could completely wipe out the potential tax benefits. The FEA’s certification program is intended to allow taxpayers to make informed decisions when selecting a Qualified Intermediary.”

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