Mississippi Tax Free Exchange Package

State:
Mississippi
Control #:
MS-P064-PKG
Format:
Word; 
Rich Text
Instant download

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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How to fill out Mississippi Tax Free Exchange Package?

Get a printable Mississippi Tax Free Exchange Package within just several clicks from the most comprehensive library of legal e-files. Find, download and print professionally drafted and certified samples on the US Legal Forms website. US Legal Forms has been the #1 provider of affordable legal and tax forms for US citizens and residents online starting from 1997.

Customers who have already a subscription, need to log in straight into their US Legal Forms account, download the Mississippi Tax Free Exchange Package and find it stored in the My Forms tab. Customers who don’t have a subscription are required to follow the tips listed below:

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FAQ

How do you register for a sales tax permit in Mississippi? Business owners can register online at Mississippi's TAP website. Mississippi encourages online sellers to register and file sales tax online.

Sales of property, labor or services sold to, billed directly to, and payment is made directly by the United States Government, the state of Mississippi and its departments, institutions, counties and municipalities or departments or school districts of its counties and municipalities are exempt from sales tax.

Persons who are 65 years of age and older or who are disabled, upon application and proof of eligibility, are exempt from all ad valorem taxes up to $7,500.00 of assessed value.

The state of Mississippi issues just one exemption form, to be utilized when purchasing exempt items such as items intended for resale. The state is one of the few states to only offer one exemption form.

Mississippi's tax-free weekend for 2020 kicks off on Friday, July 31 and lasts through Saturday, August 1. Items eligible for the tax-free weekend include, but are not limited to clothes, footwear, school supplies, and clothing accessories.

Taxes and Reporting It is important that you get tax id documentation from your retailer buyers as well. When you sell wholesale you do not charge sales tax on the order (the retailer will tax the customer for each item at time of purchase and that will be paid to the state as sales tax on that item.)

The best place to register for a sales tax permit with the state of Mississippi is on their website at https://tap.dor.ms.gov/_/. If you're already feeling a little overwhelmed, you should know that we can handle the entire permit registration process for you with our Sales Tax Permit Registration Service.

Since the Mississippi Department of Revenue doesn't provide resale certificates, a vendor who regularly works with resellers might put together a form that serves the same purposes. Essentially, you'll have a form to collect the buyer's name, address, and permit number.

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Mississippi Tax Free Exchange Package