Pierre W. Priestley, Esq., CPA, CES®
Office of the General Counsel
Pierre W. Priestley, Esq., CPA, CES®
Senior Vice President
IPX1031 Office of the General Counsel
10 South LaSalle Street, Suite 3100
Chicago, IL 60603
Toll-Free: (800) 441-1031
Cell: (312) 576-1031
Direct: (312) 223-4958
Email: pierre.priestley@ipx1031.com
IPX1031 Headquarters Office
10 South LaSalle Street, Suite 3100
Chicago, IL 60603
Phone: (312) 223-4958
Toll-Free: (800) 441-1031
Fax: (312) 223-4881
Pierre Priestley, Senior Vice President, currently serves as the Associate General Counsel of IPX1031. As Counsel, Pierre primarily assists Investment Property Exchange Service, Inc.’s Pacific Northwest, Midwest, and Northern California operations with legal and technical support and transaction structuring guidance. Pierre is an expert with the 1031 Exchange rules and regulations involved in the 1031 Exchange process. Pierre has over 38 years of experience as a tax attorney and consultant. Prior to joining IPX1031, Pierre was Vice President and Director of a large bank-owned Qualified Intermediary. Pierre also spent over 6½ years at General Electric Capital Corporation where he helped implement and administer a multi-million dollar consumer Auto Leasing Tax Deferred Exchange program.
Pierre is a licensed attorney in Ohio and earned his JD from The Ohio State University Moritz College of Law. He has a MBA in Finance and Business Policy from the University Of Chicago Booth School Of Business, a BA in Accounting and Political Science from Mercyhurst University and is a Certified Public Accountant (inactive). Pierre is a Certified Exchange Specialist and is the former Chairman of the Federation of Exchange Accommodators’ CES® Council.
IPX1031 Exchange Seminars
IPX1031 provides seminars for continuing education credits as well as custom and personalized seminars. To find out about a seminar nearest you, or to schedule a seminar for your office, please contact me.
1031 Resources & FAQs
Key 1031 Info
How does a 1031 Exchange work?
Exchange pitfalls. What should I be aware of?
Is a Qualified Intermediary (AKA accommodator or QI) needed?
Yes. To avoid a taxable sale of the Relinquished Property, the use of an intermediary in virtually every 1031 transaction should be utilized. In addition, the Exchanger must enter into written agreements with the QI before the Relinquished Property is sold.
What is Like Kind Property? Can I sell my rental house and buy a 4plex? Can I sell my vacant lot and buy an office building?
Yes, you can buy ANY kind of business or investment real estate, anywhere in the US. The “like-kind” requirement does not mean selling and buying the same exact type of property. In an IRC §1031 transaction, you can exchange real property for virtually any other real property in the United States, as long as the property is held for productive use in a trade or business or for investment purposes. You can sell a rental house and buy apartments, commercial, industrial, mini storage, vacant land, agricultural, etc.
Can I get an extension on the 45-day identification period for my 1031 Exchange?
No, unless you are eligible for an extension due to a federally declared disaster, the IRS doesn’t have any provisions for extensions or exceptions – not even to the next business day if the deadline falls on a weekend or holiday. The best way to get more time is to start looking for your Replacement Property well before the closing of your sale property or to extend the closing date on your sale property.
Do I have to buy from the properties I’ve identified in my 1031 Exchange?
Yes. During the 45 days you can change what you’ve identified, but once your identification period has expired, you must buy from only that list. No substitutions or changes after day 45. The rules under section 1031 are very strict.
Can I use money from my 1031 Exchange to improve the new Replacement Property after I buy it?
The day you take title to the property is the end of the exchange for that property. If you have cash left over, that is taxable boot. There is something called a Build-to-Suit or Improvement Exchange, where we, as the intermediary, take title to the property to make the improvements before you take ownership. This is also a more expensive and complicated transaction.
Pierre Priestley & IPX1031 are a winning combination.
See how we’re different and why.
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Attorneys & Certified Exchange Specialists (CES®)
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Customized solutions for your investment and business goals.
