you have to do it within the 180 days, generally. you cannot take possession of the cash that you sold the old property for. you have to engage a qualified intermediary. explain to our viewers exactly what they are and what they do. the treasury does not want you, as the seller of your old property, to have control over the proceeds from the sale. that money has to be used and poured into your replacement property, your new property. so, you must engage a qualified intermediary to hold the proceeds from the sale. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that s about the only thing that the q.i. has to do is maintain control of those funds. now, the q.i. cannot be your broker, your attorney, your cpa, no one that you would have actual or constructive control over, because that would then collapse the transaction if you re deemed to have control over the money. if you don t designate in
you sell your old property and you buy a new property. you have to do it within the 180 days, generally. you cannot take possession of the cash that you sold the old property for. you have to engage a qualified intermediary. explain to our viewers exactly what they are and what they do. the treasury does not want you as the seller of your old property to have control over the proceeds from the sale. that money has to be used and poured into your replacement property, your new property. you must engage a qualified intermediary. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that s about the only thing that the qi has to do is maintain control of those funds. the qi cannot be your broker, your attorney, your cpa. no one that you would have actual or constructive control over because that would then collapse the transaction if
to nothing. it s my land so when i leave here, i m going to go home, cut trees and do some gravel. even though they said it s their property now. they i said you can think it s yours, you can wish it was yours but until you give me just compensation, it s not yours. did they offer you a replacement property? well, it s funny. now he want to do another appraisal. i got a feeling it s not going to be $3200. they re not getting the land unless i get my just compensation. you got to keep us posted. thank you for having me. david. hey, people ought to get involved with the tea party. it s a good thing because these government people, it s not the state of new york who is doing this to me. it s people who work for new york state and i ve tried to call the commissioner. it s a land grab. that s why we ve been highlighting it. i need the governor to get involved in this. i d like to talk to him. he needs to come down to upstate and see our county and talk to our peopl