When it comes to conducting a 1031 exchange, the process is generally consistent across the United States due to the federal nature of the tax code. However, there are a few nuances that might make a 1031 exchange in Washington state slightly unique compared to other states.
Overall, while the fundamental process of a 1031 exchange remains the same, these local factors in Washington can influence the specifics of your transaction. It's always a good idea to work with professionals who are familiar with both the federal aspects of 1031 exchanges and the local real estate market and regulations in Washington.
The Combined Rate accounts for the Federal capital gains rate, the 3.8 percent Surtax on capital gains, and the marginal effect of Pease Limitations on itemized deductions, which increases the tax rate by 1.18 percent.
1031 Services, Inc., headquartered in Washington, has been providing qualified intermediary services for real property transactions under Section 1031 of the Internal Revenue Code across all US states since its founding in 1989 by Jeremiah M. Long. The company handles various types of exchanges including forward, reverse, multi-asset, and construction exchanges. Co-founder Mary Foster, along with Jerry Long, authored the leading treatise on tax-free exchanges, "Tax-Free Exchanges Under §1031," published by Thomson Reuters/West Publishing. Mary Foster continues to update this nearly 800-page book annually.The company is known for its high levels of expertise, professionalism, and customer service. Since 1996, it has co-sponsored a national seminar on advanced issues in like-kind exchanges, which has evolved into a three-day comprehensive conference with Mary Foster as a co-chair since 2004. She has also been a significant figure in the Federation of Exchange Accommodators (FEA), serving as its Past President and former Board Member, and remains active in legislative and administrative efforts related to IRC §1031.1031 Services, Inc. has a broad client base ranging from publicly held companies to individuals, and has facilitated exchanges involving various types of real properties and, prior to January 1, 2018, personal properties like artwork and equipment. The company's growth is attributed to referrals from professional advisors such as CPAs and attorneys, underscoring its reputation in handling both basic and complex exchanges.
The Exchange Connection, headquartered in Washington, specializes in conducting 1031 exchanges, also known as Starker Exchanges. They are recognized for their expertise and leadership in the Like Kind Exchange Industry, offering educational resources and services to both industry professionals and consumers. Real estate agents, title companies, tax preparers, and accounting firms rely on The Exchange Connection for accurate and current 1031 exchange advice. The company is noted for its exceptional customer service, assisting taxpayers nationwide in navigating the complexities of 1031 exchanges. They are a member of the Federation of Exchange Accommodators.
First American Exchange of Skagit County, headquartered in Washington, has been operating since 1971 under the name Guardian Northwest Title & Escrow Company. The company is committed to enhancing the real estate transaction experience for all parties involved. They emphasize the importance of recognizing and fulfilling customer needs and expectations, and they value their contributions to and support from the communities and companies they serve. They are not a member of the Federation of Exchange Accommodators.
Company Name: Olympic Exchange Accommodators, LLCHeadquarters: WACompany Description: Olympic Exchange Accommodators, LLC is led by Jeffrey Paul Helsdon, who has been facilitating 1031 exchanges across the United States since 1990. He was the first Certified Exchange Specialist® in the South Puget Sound area of Western Washington and one of the early recipients of the CES® designation from the Federation of Exchange Accommodators (FEA). Despite the company's claim of being a proud member of the FEA, it is noted that they are not currently listed as a member. Mr. Helsdon also serves on the FEA's Government Affairs Committee. The company emphasizes the importance of professional credentials and extensive experience in handling 1031 exchanges, advocating against relying solely on the services of lower-level employees from title companies for such significant transactions.
Premier 1031, Inc., headquartered in Washington, emphasizes the importance of selecting a qualified intermediary (QI) with professional credentials and extensive experience for managing 1031 exchanges. They specialize in all types of exchange transactions and customize their services to meet diverse client needs. The company highlights its commitment to exceptional planning and assistance during the exchange process. Additionally, they comply with Washington state law RCW 19.310.040, which mandates either maintaining a fidelity bond of at least one million dollars or holding all client funds in a qualified escrow account or trust to protect clients against losses due to criminal acts by the exchange facilitator. Premier 1031, Inc. is not a member of the Federation of Exchange Accommodators.
