If i see my current property as a 1031 exchange and then i cannot identify a replacement property in the 45 day period, when do i receive my money from my sale and is anything deducted from the funds before releasing to me?
Great question. The way it works is when you sell your property the funds are stored in Safe Harbor, which is the Qualified Intermediary (Realty Exchangers). You then have 45 days to Identify your replacement properties. If you cannot find any replacement properties after 45 days, you would ask us to return your sales proceeds to you via Federal wire. The IRS will treat your sale just as any other standard sale, which would be subject to Capital Gains tax and possibly the Income tax (please see your CPA). We collect our fees at the time of your sale, so there would be no other fees attached to the transaction.
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