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Video instructions and help with filling out and completing Form 8824

Instructions and Help about Form 8824

Music hello everyone and welcome to today's class on like-kind exchanges we're gonna begin by moving past the table of contents and on to the introduction which begins on page three of the manual and in certain situations it is possible for a business to defer or delay taxation of capital gains and losses where an asset used for income production is traded for a similar asset also used for income production IRS regulations require the deferral of gains and losses on the exchange of property that is light kind now normally when we have a discussion with a client about like-kind exchanges we're hearing from the client because the client is looking for tax advice they're trying to figure out how to get themselves into a qualifying like-kind exchange scenario but it may be the case that they are in a like-kind exchange scenario and don't even know it because there are some kinds of like-kind exchanges that are going on around us all the time and as tax practitioners we should be aware of what electron exchanges so that we know when when we see one but also how to do the computations for the white pen exchange so we're going to look at briefly at a summary of the rules here and then we're going to go deeper into each of the rules an exchange of property will be considered to be a like-kind exchange only if all rules applying to the light-cone exchanges are met these rules are summarized as follows investment or income property only in a like-kind exchange both the property you give up and the property you receive must be held by you for investment or for productive use in your trade or business number two you must have qualifying property in addition to being held for investment or business use the property must be qualifying property certain types of non qualifying property are not allowed in section 1031 exchanges like-kind both the property given up and the property received must be like kind rule number four there is a 45-day identification period the property received must be identified within 45 days after the property given up in the exchange is transferred and then there is a hundred and eighty day receipt rule the property receipt must be received by the earlier of 180 days after the transfer of the property given up in an exchange or the due date of the return including extensions for the year the property given up is transferred rule number six boot is taxable any money or unlike kind property received in the exchange is considered to be boot rule number seven liabilities assumed by other party are considered to be boot liabilities transferred to the other party in an exchange in excess of liabilities assumed by the taxpayer are treated as boot like-kind exchange rules are mandatory the gain or loss realized on the exchange of like time property must be deferred and is not.