1031 Exchange Agreement Form In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00333
Format:
Word;
Rich Text
Instant download
Description
The 1031 exchange agreement form in Franklin facilitates real estate transactions aimed at allowing property owners to defer capital gains taxes through a like-kind exchange under the Internal Revenue Code. This form outlines the relationship between the Owner and the Exchangor, detailing the process of assignment of contract rights and the obligations of both parties. It includes sections on the transfer of escrowed funds, identification of replacement properties, and provides a framework for deposits into an escrow account. Users must provide timely notices regarding contract assignments and identify replacement properties within specified timeframes to comply with IRS regulations. The form explicitly states the responsibilities and limitations of the Exchangor, including provisions for the disbursement of funds and indemnification. This agreement serves attorneys, partners, owners, associates, paralegals, and legal assistants by ensuring compliance with tax laws, simplifying processes for property exchanges, and protecting the interests of all parties involved in the transactions.
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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.
A Qualified Intermediary, or QI, is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds.
