( The following is an excerpt from our 1031 Advisor newsletter located here )
Webster’s Dictionary defines guarantee as “an assurance of the quality of a product offered for sale.” A brief search on Google under “guaranteed 1031 Exchanges” yields 1,030,000 hits. Impressive! But what exactly is being guaranteed? Your happiness? No errors? No penalties? No taxes on an improperly handled Exchange? No loss of clients?
What is being guaranteed? Many Advisors rely on "guarantees" by 1031 Exchange Companies. However, if mistakes are made or if taxes must be paid after a 1031 exchange, it is the taxpayer/customer who is often left holding the bag.
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