Enhanced Safety - Part Four

(Listen Here 4:01 min)

Buyer Beware – Check Out Your QI Before You Sell

Before you hire a qualified intermediary, you should do some checking around to make sure that they have a good reputation and solid track record of satisfied clients.  Here are some easy ways to verify that your dealing with a reputable, experienced QI:

(1) If your QI is a licensed attorney, you can easily check with their state’s board of attorney professional responsibility and state bar association.  For example in Minnesota, you can go online to http://www.mnbar.org/ and confirm that your QI is a member of the Minnesota State Bar Association.  Other states have similar online directories.

(2) Contact the Better Business Bureau (“BBB”) and see if your QI has a good reputation in the business community and if your QI BBB accredited.  You can also check online at https://www.bbb.org

(3) Check and see how long your QI has been in business with the Secretary of State’s office.  For example, in Minnesota business records are available on line at:

http://da.sos.state.mn.us/minnesota/corp_inquiry-find.asp?:Norder_item_type_id=10&sm=7

(4) You can also ask your QI if they have a fidelity bond or other special certifications.

Saving money in taxes is a strong motivator.  I hope this information helps you safely and successfully navigate through the 1031 tax deferral process.

About the Author:

Jeff Peterson (AKA: "Professor 1031") is a Qualified Intermediary and Serves as an Adjunct-Professor for the William Mitchell College of Law (Where He Teaches About Federal Income Tax). Jeff Works With People From All Over the USA to Save Money on Federal Capital Gains Taxes.

Bookmark, Share, and Receive Updates...

Bookmark this post, or send it to a friend by clicking the "Share This" icon below. You may also post this article to your website, blog or web 2.0 property - as long as you leave the content, links and the "About the Author" intact. Get notified of new posts by RSS or email, below.