March 26, 2009
(Denver) Colorado House Bill 09-1254, sponsored by State Representative Joel Judd and State Senator Ted Harvey, has been unanimously passed by the 67th General Assembly of the State of Colorado. This legislation is designed to create consumer protections relating to Section 1031 Like-Kind Exchanges facilitated by Qualified Intermediaries (QI) and Exchange Accommodation Titleholders, otherwise known as Exchange Facilitators.
BY: MARY LOU SCHWAB CPA, CES
Many issues with lending can create unplanned legal or tax consequences and at times may prohibit a mortgage from being funded at closing.
Check out the following lending issues prior to your 1031 exchange transaction: