Hey this is Evan Hutcheson today I wanted to go over a 1031 exchange also known as a like-kind exchange it's a transaction it's usually related to real estate where the buyer and the seller swap properties in order to avoid paying capital gains taxes and you don't necessarily need to find someone to trade properties with you can sell your property to a third party keep the proceeds with the qualified intermediary which is very important if the cash goes to you directly the the exchange is off so you need to make sure to find one usually an attorney that'll hold the funds until you purchase a new property and then you pull those funds out so to help in the purchase of a new property so you can do this with any investment properties so if you if you have a business and you own a building and you decide to sell the building to try to find a new building you can do it with the with the sale and the purchase of the sell the old building and the purchase of the new building if you rent property to somebody if you're a landlord you can do it with that you cannot do it with a residential real estate where you live you can't do it if you're developing property if you buy some land and build a house and sell it you could potentially do it if you buy all and build a house and start renting it out for a satisfactory rental term and then you decide to sell it you can do it that way but really it's just for investment property so most people when they do this they want to defer all capital gains because who wouldn't want to do...
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2018 8824 instructions Form: What You Should Know
Learn more about 1031 Exchanges, 1031 Exchange Tax, 1031 Tax Exchanges and U.S. Exchangers. Download our 1031 Exchange template with our complete answers below. For a complete listing on Form 926 exchanges, see Tax Tip: Form 926 Exchange FAQs. Download Excel file that gives you the exact values to enter if you have any of the following documents: IRS Form 8806 — U.S. Exchange Learn about IRS Form 8806 U.S. Exchange for a 1031 Exchange. 1989 a workbook, 8824 worksheets, and information paper from the U.S. tax department. IRS Form 8816 — U.S. Exchange IRS Form 8801 — Transfers of Property by a U.S. Person Other Than a U.S. Business Entity Use IRS Form 8801 to report sales and exchanges of property to the IRS in taxable years beginning after December 31, 1988. Download our Guide, IRS Form 8801 for the details. 1989 a workbook and 8824 worksheets, from the IRS. IRS Form 8801- Qualified Intermediary IRS Form 926 — Taxable Year Return of a U.S. Person Other Than a U.S. Business Entity Use IRS Form 926 to report taxable year returns of a person other than an American corporation for tax year 1988. For tax year 1988, the amount of the taxable income or gain, in respect of tax-free property transferred, from the transferor is the greatest of (a) 500,000 or (b) 100% of the amount of the taxable income or gain, in respect of tax-free property transferred, from the transferor. IRS Form 926- Qualified Intermediary IRS Form 1202 — Qualified U.S. Person Exchange Use IRS Form 1202 to report Qualified U.S. Person Exchange with respect to property or gain in exchange for which taxable year the taxpayer is the U.S. person, if the amount of taxable income or gain involved is 10,000 or more.
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