The 1031 exchange is a vehicle often used on Maui to defer taxes from the sale of their property. There are strict rules involved with doing a 1031 and not doing it properly can cost the whole exchange and thousands of dollars. Anyone doing a 1031 has to use an accomodator or intermediary to handle the transaction. At no time during the exchange can the proceeds from the sale of the relinquished property come into your possession. The accomodator's job is to consulting you in the process, prepare documents, act as the principal by way of assignment in the purchase and sale transactions, hold the proceeds, and coordinate with your real estate agent. I am happy to recommend a great 1031 intermediary to you for consulting.
Please consult with your tax adviser before considering doing a 1031 exchange.
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