Atlas 1031 Exchange focuses on serving the needs of individuals and companies within a three hour driving radius of Indianapolis. Targeted markets include Chicago, St. Louis, Louisville, Kentucky, Cincinnati and Columbus, Ohio and Indianapolis.
We also serve outside the Midwest satisfying those states requiring the Qualified Intermediary to maintain a $250,000 Errors and Omissions insurance policy and the use of a qualified escrow account or have a $1,000,000 Fidelity Bond. A qualified escrow account requires two signatures to remove exchange funds, one signature must match the notarized signature of the Exchangor on file with the bank and of the Qualified Intermediary. The current states with state legislated requirements include California, Oregon, Washington, Idaho, Nevada, Colorado, Virginia and Maine.
Section 7701 defines the borders of the United States as all fifty states and the District of Columbia. For purposes of the 1031 code, the Internal Revenue Service defined the borders of the U.S. to include the U.S. Virgin Islands given the Exchangor is: (1) A citizen or resident of the United States and (2) Has income derived from sources within the U.S. Virgin Islands, is effectively connected to the performance of a trade or business in the U.S. Virgin Island or files a joint return with an individual who derives an income or is connected to a trade or business within the U.S. Virgin Islands. Both requirements must be satisfied to exchange real property in the fifty states and real property located in the U.S. Virgin Islands. Puerto Rico is not eligible for 1031 eligibility while real and personal property located in Guam is eligible.
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