GLOSSARY | BANK GUARANTY | ID CHECKLIST | CALCULATOR
Identification is not cookie-cutter.
We specialize in helping you customize your letter
to best communicate your exchange goals and objectives.
LETTER OF IDENTIFICATION CHECKLIST
Within 45 days of the transfer of relinquished property a letter listing potential replacement property must be received by Amherst. The letter must be dated and signed by the Exchange Client(s).
3 identification safe harbors (guidelines) from the IRS
| 1. | You may identify up to 3 properties of any value OR |
| 2. | If more than 3 properties are identified, the combined fair market values of the properties identified may not exceed 200% of the value of the property relinquished (sold) OR |
| 3. | Any number of properties of any value can be listed so long as 95% of the identified properties are purchased. |
Simple language that does the job
I/We hereby identify the following property(ies) to complete my/our IRC § 1031 Tax Deferred Exchange:
List the properties in priority order, i.e. the one you hope to purchase first, the back-ups next.
Be specific. Utilize physical addresses including street number and name. List the condominium number, lot, or other identifying number as well as city, state and zip code. If you plan to improve property, list the improvements.
Include the tax parcel number for each property if possible.
If purchasing only a portion of a property, specify the percentage. You must identify substantially what you purchase.
Delivering your letter
 |
Faxes are time and date stamped |
|
A mailed letter is postmarked |
|
A delivered letter is signed for |
|
Email of a scanned letter is time and date stamped |
