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How to fill out 1031 tax-deferred exchange

How to fill out 1031 tax-deferred exchange

1. Obtain a qualified intermediary to facilitate the exchange.
2. Sell the property you want to exchange.
3. Identify a potential replacement property within 45 days of selling your property.
4. Submit a written identification of the replacement property to the qualified intermediary.
5. Close on the replacement property within 180 days of selling your property.
6. Transfer the proceeds from the sale of your property to the qualified intermediary.
7. Acquire the replacement property using the funds held by the qualified intermediary.
8. Ensure that the value of the replacement property is equal to or greater than the value of the relinquished property.
9. File Form 8824 with your tax return to report the exchange.

Who needs 1031 tax-deferred exchange?

1. Real estate investors who want to defer capital gains tax on the sale of an investment property.
2. Individuals and businesses looking to upgrade or diversify their investment portfolio.
3. Property owners who want to exchange their property for a more suitable or desirable one.
4. Those who have a low cost basis in their property and want to avoid paying a substantial amount of tax upon sale.
5. People who want to preserve their cash flow and reinvest their proceeds into a new property.

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What is 1031 tax-deferred exchange?

A 1031 tax-deferred exchange allows for the exchange of like-kind properties without immediately triggering a tax liability.

Who is required to file 1031 tax-deferred exchange?

Individuals or entities who have sold or exchanged investment or business properties and wish to defer capital gains taxes.

How to fill out 1031 tax-deferred exchange?

To fill out a 1031 tax-deferred exchange, individuals must work with a qualified intermediary and follow IRS guidelines for identifying and exchanging like-kind properties.

What is the purpose of 1031 tax-deferred exchange?

The purpose of a 1031 tax-deferred exchange is to allow taxpayers to defer capital gains taxes on the sale or exchange of investment or business properties.

What information must be reported on 1031 tax-deferred exchange?

Information such as the description of the properties exchanged, dates of the exchange, and details of the qualified intermediary must be reported on a 1031 tax-deferred exchange form.