This is an exchange rate addendum to a requirements agreement. It discusses the exchange rate and provides details on the way certain foreign currencies will be established.
Hawaii Exchange Rate Addendum
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Multi-State
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US-TC0615
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FAQ
This addendum signifies intent to use the property in a 1031 exchange. At this point, the buyer and their agent are formally made aware of such an exchange. The seller can also assign a QI to the exchange in this addendum. A 1031 exchange addendum is used to add any clarifying language to a 1031 exchange.
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.
Sale in ?AS IS? Condition. Except as may be otherwise expressly provided in the Purchase Contract, and Seller's disclosures, SELLER IS NOT OBLIGATED TO MAKE ANY REPAIRS OR UPGRADES TO THE PROPERTY AND WILL TRANSFER THE PROPERTY WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EITHER EXPRESSED OR IMPLIED.
The Hawaii capital gains tax on real estate is 7.25% of the gain plus depreciation. If the collected amount is too large, how do you obtain a refund? If the 7.25% of sales price withholding is too large, the owner files a Hawaii form N-288C after closing.
A 1031 Exchange allows the investment to grow, all while the bulk taxation is deferred. Because there is no limit on how many times an investor can roll over gains from one investment to the next, one is able to profit on each swap and only required to pay tax when property is relinquished without replacement.
The bottom line is that in a 1031 exchange, you are allowed to contribute additional funds to acquire a property valued greater than the value of your exchange funds. However, you must acquire a property with an acquisition value at least equal to that of your exchange funds to avoid capital gains taxes.
1031 Exchange Rules in Hawaii The IRS allows Hawaii investors to sell rental properties, business properties, and land that was purchased for investment purposes and defer all capital gains taxes via IRC Section 1031.