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DESIGNATION OF REPLACEMENT PROPERTY FIRST MIDWEST BANK 2801 W. Jefferson Street Joliet, Illinois 60435 Phone (815) 7732606 Fax (815) 7732698 Re: DATE:, FIRST MIDWEST BANK Exchange Agreement No. ,

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How to fill out designation of replacement property

How to Fill Out Designation of Replacement Property:

01

Gather necessary information: Start by collecting all the required details, such as the property identification number, original property information, and the identification of the replacement property. This information can usually be found on previous documents or through communication with the involved parties.

02

Review the 45-day rule: Understand the timeframe within which the designation of replacement property needs to be submitted. Generally, this needs to occur within 45 days from the closing of the original property sale. Ensure you adhere to this deadline to avoid any potential complications.

03

Complete the designated identification form: Obtain the specific form relevant to your situation, such as the IRS Form 8824 or any other required documentation. Fill out the form accurately, providing all the necessary details for both the original property and the replacement property.

04

Include supporting documentation: Attach any additional documents required, such as purchase agreements or contracts related to the replacement property. These supporting documents strengthen the accuracy and legitimacy of your designation of replacement property.

05

Seek professional assistance if needed: If you are unsure about any aspect of filling out the designation form or have complex circumstances, it is advisable to consult with a tax professional or real estate expert. They can guide you through the process and ensure compliance with all legal requirements.

Who Needs Designation of Replacement Property:

The designation of replacement property is typically required by individuals or entities involved in a 1031 exchange, also known as a like-kind exchange. This tax-deferred transaction allows the transfer of one investment property for another, keeping the potential capital gains taxes at bay. Therefore, anyone partaking in a 1031 exchange and aiming to defer capital gains taxes on their property sale may need to complete a designation of replacement property form. It is important to consult with a tax professional or legal advisor to confirm whether this requirement applies to your specific situation and to obtain accurate guidance throughout the process.

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What is designation of replacement property?

Designation of replacement property is the identification of the property that will be acquired to replace a relinquished property in a 1031 exchange.

Who is required to file designation of replacement property?

The taxpayer who is participating in a 1031 exchange is required to file the designation of replacement property.

How to fill out designation of replacement property?

The designation of replacement property form must be completed with detailed information about the identified replacement property including its address, value, and legal description.

What is the purpose of designation of replacement property?

The purpose of designation of replacement property is to formally identify the replacement property to be acquired in a 1031 exchange.

What information must be reported on designation of replacement property?

The designation of replacement property must include the specific identification of the replacement property, its fair market value, and other relevant details.

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