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December 12, 2024 at 2:24 PM. ... a qualified intermediary of tax-deferred 1031 exchanges. She explains, “First and foremost, if you want to use the property primarily for personal use, it would ...
Section 1031(a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
February 6, 2024 at 8:10 AM. A couple consulting a tax professional about reporting a 1031 exchange on their tax return. ... Given the intricate tax rules for 1031 exchanges, ...
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
The capital gains tax rate brackets were adjusted upward for tax year 2024 and 2025 to ... capital gains through a 1031 “like-kind” exchange. ... to capital gains tax rules is the sale of your ...
Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. [11] In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. [11] The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20%.
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