A qualified intermediary is the independent third party that holds your exchange proceeds between the sale and replacement purchase. You cannot use your attorney, accountant, or agent. Vet for fidelity bond or E&O insurance, segregated escrow accounts, New York transaction experience, and transparent fees ($750 - $1,500 is standard). Verify financial stability - if the QI goes bankrupt holding your funds, you may lose everything.
From the seller playbook: 1031 Exchange Execution
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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