How is an exchange different than a sale and purchase?

admin  /   January 25, 2019

Technically, the two legs of an exchange (the sale and the purchase) must be part of an “interdependent” transaction.  In reality, there are just a few mechanical steps that are necessary to coordinate the sale with the purchase so that they are treated as an exchange.  In the old days, the buyer of the old property had to go and purchase the new property for the taxpayer and then turn around and sell the new property to the taxpayer.   With the use of so-called “qualified intermediaries” (discussed below), the buyer of the old property or the seller of the new property need not be involved (and may hardly know) of your exchange. (There is a technical requirement that other parties be notified that an exchange is occurring.)

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