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delayed exchange |
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delayed exchange n. an exchange of property to put off capital gain taxes, in which the funds are placed in a binding trust for up to 180 days while the seller acquires an "exchanged" (another similar) property, pursuant to IRS Code sec. 1031. It is sometimes called a "Starker" after the man who first used this method and survived an IRS lawsuit. |
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So, as long as one actually sells and transfers title to one's relinquished property before taking title to the replacement property, it is possible to perform a delayed exchange. A forward exchange occurs when a taxpayer sells the relinquished property, then later buys a replacement property within delayed exchange safe harbors, such as qualified intermediary and qualified escrow account [Treas. Although the Fitzgeralds really like the property, the timing doesn't meet the requirements of the easier-to-complete normal delayed exchange. |
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delayed exchange
