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Step 3. Enter into a 1031 exchange agreement with the Qualified Intermediary, in which the Qualified Intermediary is named as principal in the sale of the relinquished property and the subsequent purchase of the replacement property. The 1031 Exchange Agreement must meet with federal tax law requirements, especially pertaining to the proceeds.
A 1031 exchange is a real estate transaction where you trade a business-use property or one held as an investment property for a "like kind" property. 1031 Exchange Rules: Deadlines, Benefits and ...
1031 Exchange Forms Real estate investors discussing the benefits of a 1031 exchange. Taxpayers report exchanges on Form 8824, like-kind exchanges, attaching it to their returns.
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 role of a QI is defined in Treas. Reg. §1.1031(k)-1(g)(4). Under IRC Section 1031 an owner of business or investment property may exchange that property for other like-kind property within a statutorily mandated period of time, and defer current recognition of gain on the sale of the old property.
Knowing the 1031 exchange rules helps you save on taxes. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ... Home & Garden ...
The QI sends required exchange documents to the escrow closer for signing at property closing. Escrow closes. Within the first 45 days after the close of escrow on the sale of the relinquished property, the investor identifies replacement properties as required by law. This is known as the "Identification Period".
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