The quick read
Key points
- Keep written adviser instructions.
- Record actual events with evidence.
- Retain the reviewed closing entries.
Name the responsible advisers
Keep the contact details and written instructions from your qualified intermediary, attorney and tax adviser. Clarify who is responsible for each required step. This guide does not establish eligibility or replace advice about how funds and documents must be handled.
Maintain a dated event log
Record actual closing, identification, document delivery and funding events with their supporting confirmations. Use the deadlines supplied by your advisers rather than calculating them from an informal checklist. Keep changes and corrected instructions alongside the original record.
Keep each property and movement distinct
Collect sale and purchase closing statements, debt documents, fees and evidence of funds movement. Map each item to the relevant property and party in the review file. Do not enter an unsupported transfer just to make the bank balance appear to agree.
Wait for reviewed accounting instructions
Provide the complete record to your accountant for basis, gain and reporting decisions. Keep the approved entries and supporting calculations together. IQ does not operate a qualified intermediary service or validate an exchange; this is not tax advice.
Before you finish
- Keep written adviser instructions.
- Record actual events with evidence.
- Retain the reviewed closing entries.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.