ALLOMONG & ASSOCIATES, P.C.

Phone: 917-946-1031

Email: tim@allomonglaw.com

Office Location: 410 West 48h Street, Suite 2, New York, NY 10036

© 2019 Allomong & Associates, P.C. All Rights Reserved.

YOUR EXCHANGE FUNDS ARE SAFE WITH 1031TRX!

The 1031trx LLC business model is simple: transparency, technology, and timeliness.

 

Our primary business activity is rendering services to facilitate exchanges of property intended to qualify for nonrecognition of gain under IRC § 1031. Most other 1031 Qualified Intermediaries reinvest their clients' 1031 exchange proceeds in risky, short-term investments to increase revenue. In fact, this practice caused hundreds of millions of dollars to be lost from investors who were in the process of a 1031 exchange when their Qualified Intermediary, LandAmerica 1031 Exchange Services, declared bankruptcy in 2008. LandAmerica's directors and officers were later sued by their former clients for

breach of fiduciary duty. Sadly, those investors' 1031 exchange funds were gone like the economy at the time. 1031trx LLC

prides itself on transparency, and never putting a finger on its clients' 1031 exchange funds. We hold the funds in

a New York attorney "IOLA" escrow account, and our clients receive an escrow deposit letter confirming

the address of the bank and the amount of the deposit. Why should you expect anything else? ​


It's no secret that technology has revolutionized the practice of law and the way we invest in 

real estate. 1031trx LLC takes advantage of technology to conduct business nationally from

our New York office. Signing contracts, wiring funds, and confirming the 45/180-day rules can

all be done within a matter of minutes.

The essence of a properly structured 1031 transaction is timeliness. The IRS gives no

exception to the 45/180-day rules and the failure to meet either of these deadlines is

fatal to the 1031 exchange. 1031trx LLC tracks all deadlines for the exchange and transmits 

automatic reminders to clients and their authorized agents. This tool is particularly useful

when negotiating the purchase contract for the replacement property, as it puts the

seller on notice that time is of the essence with respect to the closing date.