Utah Tax Free Exchange Agreement Section 1031
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FAQ
There are also states that have withholding requirements if the seller of a piece of property in these states is a non-resident of any of the following states: California, Colorado, Hawaii, Georgia, Maryland, New Jersey, Mississippi, New York, North Carolina, Oregon, West Virginia, Maine, South Carolina, Rhode Island,
Under Internal Revenue Code Section 1031, real estate located in one U.S. state is like kind to real estate located in any other state, and you can trade from one state to another. In most cases you are able to defer both federal and state tax, assuming the state has an income tax.
While you can't do a 1031 exchange directly into a personal residence -- exchanges are limited to real property that is held strictly for investment or business purposes -- you can convert an investment property into personal property so long as you follow the IRS' rules to the letter.
1031 Exchange - Selling and Buying Property in Utah. A 1031 Exchange, also known as a Like Kind Exchange, is a way of structuring a sale of certain kinds of property so that the seller's profit or gain is not currently taxed.
Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange.
Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free. The exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind.
Tom: The short answer is yes. Section 1031 is a federal tax code, so it is recognized in all states, so you can exchange from state to state. We regularly are dealing with transactions from our home state of Oregon and into California, Washington, and vice versa.
The three primary 1031 exchange rules to follow are:Replacement property should be of equal or greater value to the one being sold.Replacement property must be identified within 45 days.Replacement property must be purchased within 180 days.
