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Author: cruz08533 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121177  
Subject: Re: 1031 Like Kind exchange - how much to rollov Date: 12/12/2003 2:45 PM
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Mike and Peter, thanks for your replys.

I realize know that I should have done a better job at understanding the details of how the like kind exchange works or at least had a better tax accountant. I did consult with my tax accountant, but when I initially approached him about this, he didn't know it was possible to do an exchange the way I did, i.e. selling the home, 45 days to identify new property, 180 to buy. He thought you could only do it by swapping properties with another party. (yes, time for a new accountant). Becasue of this, I trusted my real estate attorney and the intermediaries, American Exchange Intermediaries, to help me out with the transaction. Now I know not to trust anyone.

Do you think I can go after the intermediary for lack of good advice? I paid American Exchange around $1,000.00 for the transaction and they are supposed to help you set up the whole thing correctly. I did ask them for their help. From their web site: "First American Exchange works closely with your legal and tax advisors to make sure the transaction is properly structured"."Staff is comprised of senior exchange officers who understand the exchange and escrow process and is backed by in-house legal staff."

Any advice is appreciated greatly. Thanks very much.

Carlos


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