Secure Exchange-1031 Exchange Services LLC is a wholly owned subsidiary of Accruit LLC, an Inspira Financial solution. This content shall not be construed as tax or legal advice specific to your situation and should not be relied upon in making any investment, legal or tax-related decisions. IRC tax code prevents Qualified Intermediaries from providing legal or tax advice concerning the specific tax consequences of a given transaction. All taxpayers should consult with their tax professional or legal counsel before proceeding with a Section 1031 exchange.
Washington state law, RCW 19.310.040, requires an exchange facilitator to either maintain a fidelity bond in an amount of not less than one million dollars that protects clients against losses caused by criminal acts of the exchange facilitator, or to hold all client funds in a qualified escrow account or qualified trust that requires your consent for withdrawals. All exchange funds must be deposited in a separately identified account using your taxpayer identification number. You must receive written notification of how your exchange funds have been deposited. Your exchange facilitator is required to provide you with written directions of how to independently verify the deposit of the exchange funds. Exchange facilitation services are not regulated by any agency of the state of Washington or of the United States government. It is your responsibility to determine that your exchange funds will be held in a safe manner.
