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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (343329)9/12/2007 12:33:24 PM
From: stan_hughes  Read Replies (1) of 436258
 
I believe you need the third party to hold the funds and keep them segregated and away from your control so as to satisfy the non-taxability feature, i.e. the proceeds can never go into your hands directly or it triggers a taxable event.

Same idea as a self-directed retirement account, i.e. you need an arms-length trustee to hold your stash even if you're still making the investment decisions in the account, otherwise the Feds will deem that you've withdrawn the funds.

And you're absolutely right, what an opportunity for the crooks to set up shop -- obviously you have to pick your business associates (and 1031 intermediaries) very carefully -- but I guess that's really nothing very new in this world
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