Illinois Tax Free Exchange Package

Illinois Tax Free Exchange Package
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IL-P064-PKG
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Description

The Tax-Free Exchange Package contains essential forms to successfully complete a tax-free exchange of like-kind property.

This package contains the following forms:

(1) Exchange Agreement
(2) Exchange Addendum
(3) Certification Of No Info Reporting On Sale Of Exchange
(4) Like-Kind Exchanges
(5) Sale of Business Property
(6) Personal Planning Information and Document Inventory Worksheets

Detailed Information on each form:

1. Exchange Agreement - This form is used to establish the intent to enter into an exchange agreement and to otherwise qualify the contemplated transactions under the qualified intermediary safe harbor.

2. Exchange Addendum - In this form, the parties amend an existing contract to buy and sell real estate and agree that the Exchanging Party's rights under the contract are assignable prior to closing to structure an exchange of the property under Section 1031. The Cooperating Party agrees to reasonably cooperate in such exchange with the Exchanging Party.

3. Certification Of No Info Reporting On Sale Of Exchange - Complete this form to determine whether the sale or exchange should be reported to the seller, and to the Internal Revenue Service on Form 1099-S, Proceeds From Real Estate Transactions.

4. Like-Kind Exchanges - This form is used to report each exchange of business or investment property for property of a like kind to the Internal Revenue Service.

5. Sale of Business Property - This form is used to report gains, losses and recapture amounts from the sale of business property and involuntary conversions.

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