Property Exchange Agreement Form In Allegheny
Category:
State:
Multi-State
County:
Allegheny
Control #:
US-00333
Format:
Word;
Rich Text
Instant download
Description
This form states that the owner of certain property desires to exchange the property for other real property of like kind and to qualify the exchange as a nonrecognition transaction. The agreement also discusses assignment of contract rights to transfer relinquished property, resolution of dispute, indemnification, and liability of exchangor.
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FAQ
A 1031 exchange agreement is a tax deferral strategy that allows individuals or businesses to sell an investment property and reinvest the proceeds into a like-kind property, without incurring immediate capital gains taxes.
Section 1031(f) provides that if a Taxpayer exchanges with a related party then the party who acquired the property in the exchange must hold it for 2 years or the exchange will be disallowed.