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S, has become a very popular planning tool. Investors can use 1031 exchanges to defer capital gain taxes on business, investment, or income properties. Although the concept is straightforward, like-kind exchanges are rarely simple. In this book, the author has made doing these deals as safe, efficient, and easy as possible by providing hands-on guidance on the law, deal planning and structuring, and tax compliance. In addition to real estate transactions, he also addresses issues that arise with.
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MACRS FAQ
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Under the repealed Section 1031, exchanges now apply exclusively to real estate assets. Examples of personal property assets that can no longer be exchanged include: intangibles, franchise licenses and patents, aircraft, vehicles, machinery and equipment, boats, livestock, artwork and collectibles.
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As a result of the February 24, 2023 IRS notice, those who meet the requirements will be given an extended general postponement deadline of October 16, 2023, allowing taxpayers more time to identify a replacement property and complete their 1031 exchange transaction.
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A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like-kind and equal or greater value.
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Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, you must recognize a gain to the extent of the other property and money received.
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What are the IRS rules for a 1031 exchange? Needs to be like-kind property. Must be the same taxpayer. Needs to be investment or business property. Property must be of equal or greater value. Must follow the 1031 exchange timeline.
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Like-kind exchanges -- when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind” -- have long been permitted under the Internal Revenue Code.
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2023 is poised to be a big year for real estate owners who are looking to take advantage of the 1031 exchange, also known as the "like-kind exchange." A 1031 exchange is a tax strategy that allows real estate owners to defer paying capital gains taxes on the sale of a property by using the proceeds from that sale to ...
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A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new one that you purchase for the same purpose, allowing you to defer capital gains tax on the sale.
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1997 Chapter 14 - Like-Kind Exchanges
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Learn more -
Like-Kind Exchanges Under IRC Section 1031
Many promoters of like-kind exchanges refer to them as “tax-free” exchanges not...
Learn more -
The Tax Treatment of Like Kind Exchanges
Taxpayers A and B would not be taxable on their exchange of qualified property, but...
Learn more -
Section 1031 Like-kind Exchanges of Real Property...
Dec 8, 2022 — These exchanges are termed “like-kind exchanges” or “tax-free...
Learn more -
Statutory Limitations on Like-Kind Exchanges
Dec 2, 2020 — The proposed regulations provide that an interest in real property...
Learn more -
Internal Revenue Service, Treasury §...
(2) Exchanges of property not solely for property of a like kind. A transfer is not within...
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Reporting like-kind exchanges | FTB.ca.gov
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Heartland Institute is an "associate member" of the State Policy Network, a web of...
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Jun 25, 2015 — Pacific Dining's in-kind services for each College are as follows:...
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Feb 14, 2023 — Use Parts I, II, and III of Form 8824 to report each exchange of business...
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Form 8824. Department of the Treasury. Internal Revenue Service. Like-Kind Exchanges. (and...
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2022 Instructions for Form FTB 3840 California...
Taxpayers who exchange only personal property assets are not required to file form FTB...
Learn more -
Reporting like-kind exchanges | FTB.ca.gov
Sep 21, 2023 — You must report the like-kind exchange on California Like-Kind Exchanges...
Learn more -
Section 1031 Like-kind Exchanges of Real Property...
Dec 8, 2022 — These exchanges are termed “like-kind exchanges” or “tax-free...
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2013 Instructions for Form 8824
Purpose of Form. Use Parts I, II, and III of Form 8824 to report each exchange of business...
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Statutory Limitations on Like-Kind Exchanges
Jun 12, 2020 — Section 13303(c) of the TCJA amended section 1031 to limit its...
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(Tax-Free Exchanges - Partnership Interest); 1031 (Like Kind Exchange); or 1033...
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