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There is less to LKE documentation than many Exchangers and potential Exchangers expect. Start to finish, here’s what you’re looking at: 1) an agreement between the Exchanger and the QI (Qualified Intermediary such as EquipEx) that spells out each party’s rights and responsibilities (similar in length and content to many lease agreements); 2) Assignment forms that give the QI authority to buy and sell Exchanger’s assets on Exchanger’s behalf; 3) Notice of Assignment forms that go to the Exchanger’s buyer(s) and seller(s) of assets in the LKE (giving them the required notice of Exchanger’s participation in an LKE and related payment information); 4) An identification of replacement property form, if the Exchanger will need more than 45 days to complete their LKE; and 5) IRS Form 8824 that notifies the IRS of Exchanger’s participation in an LKE and resulting tax deferral (completed by Exchanger’s tax professional).

This paperwork and processing typically takes just a couple hours of the Exchanger’s time.