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The following sequence represents the order of steps in a typical 1031 exchange: Step 1. Retain the services of a Qualified intermediary, typically a federally-licensed enrolled agent (EA), or state-licensed tax counsel or Certified Public Accountant (CPA). Step 2. Sell the property, including the Cooperation Clause in the sales agreement.
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 ...
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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.
1031 exchange. You can also take advantage of a 1031 exchange. ... If you choose to invest in a designated low-income community, you’ll get a step up in tax basis (your original cost) after the ...
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