Ohio Tax Free Exchange Package

State:
Ohio
Control #:
OH-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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FAQ

How to Claim Exempt Status. Farmers need to obtain either form STEC U (Sales and Use Tax Unit Exemption Certificate) or STEC B (Sales and Use Tax Blanket Exemption Certificate) at tax.ohio.gov/Forms.aspx.

Clothing. 5.75% Groceries. EXEMPT. Prepared Food. 5.75% Prescription Drugs. EXEMPT. OTC Drugs. 5.75%

Packaging material is exempt from Ohio sales and use tax if it restrains movement of the enclosed contents in more than one plane of direction.Packaging equipment is also exempt from Ohio sales and use tax. This includes any property that places the product in the package or is an integral part thereof.

What items are eligible? Tax -free shopping is available for clothing priced at less than $100 per item, personal computers and computer peripheral devices of up to $1,500 and school supplies of up to $50. Purchases of up to $150 for graphing calculators and $350 for computer software are also exempt from sales tax.

To qualify, the clothing items must be priced at $75 or less (per article of clothing) and fall into the categories below. School clothes and uniforms are all tax-free during this time, but did you know that DIAPERS are too?

Clothing, footwear, and school supplies (including art supplies) priced at or below $200 are tax-free during the holiday, as are electronic devices costing $3,000 or less. While clothing qualifies for the exemption, clothing accessories, protective equipment, and sport or recreational equipment do not.

Yes No No Containers, not purchased for reuse, and used solely for packaging for shipment or sale are exempt; Equipment-type containers purchased for reuse, even thought used for shipment or sale, are taxable; Returnable containers, which pass to purchaser or consumer temporarily, are taxable.

There are lots of items that qualify for the Tax Free Weekend: Any item of clothing priced at $75 or less; Any item of school supplies priced at $20 or less; and. Any item of school instructional material priced at $20 or less.

During the holiday, the following items are exempt from sales and use tax: Clothing priced at $75 per item or less; School supplies priced at $20 per item or less; and. School instructional material priced at $20 per item or less.

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Ohio Tax Free Exchange Package