1031 Exchange Benefits
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FAQ
How do you report Section 1031 Like-Kind Exchanges to the IRS? You must report an exchange to the IRS on Form 8824, Like-Kind Exchanges and file it with your tax return for the year in which the exchange occurred.
Steps to Successfully Complete a 1031 Exchange Identify Your 1031 Exchange Objectives & Property Search. ... Find a Qualified Intermediary. ... Add a Cooperation Clause in Your Sales Contract. ... Provide a Copy of the Contract to the Intermediary. ... Funds for the Exchange are Wired to the Exchange Account.
Tax Benefits A 1031 exchange allows you to defer capital gains tax, thus freeing more capital for investment in the replacement property. In a 1031 tax deferred exchange type of transaction, you sell one property and defer the payment of capital gains taxes by acquiring a replacement property or properties.
Exchange Structure and Complexity ? Unlike a straight real estate sale, a 1031 exchange involves much more complexity, including meeting timing and other regulations. The IRS requires that the seller not directly receive the funds from the transaction, which calls for a qualified intermediary to be involved.
The property must be a business or investment property, which means that it can't be personal property. Your home won't qualify for a 1031 exchange. However, a single-family rental property that you own could be exchanged for commercial rental property.