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Jan 15 2012

My TIC property was sold before I could locate an accommodater. they sent me a check for my % of investment(it has not been cashed). The issuing bank said they could void the check and send it to an intermediary. Is there anyway to back up the clock for a 1031 exchange?Tom

There still may be time if you haven’t accepted the check and taken title of the property. In order to prevent constructive receipt, you need to be certain NOT to have cashed the check for the 1031 Exchange proceeds. Better call your closing company ASAP and have this reversed, then contact your 1031 Exchange Qualified Intermediary immediately at 800-570-1031.

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