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Video instructions and help with filling out and completing 2021 8824 instructions
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 that but there are circumstances for partial 1031 exchanges when you you can buy down so if you purchase a house that was not as expensive as this are is not as high as a sales price that you sold the original house for so you you sell it's a house for 800 grand you purchased a house for 600 grand that's a buy down that automatically creates a game that's recognized immediately but you can still potentially a partial deferral and I'll go over that with you one thing I want to leave out when I'm going over examples are the closing cost and the depreciation the depreciation recapture if you rented the property out in your and you're recognizing depreciation over the years that can also be deferred along with your capital gains the closing cost can be built into some basis as exchange costs or at least part of a certain amount are certain types of closing costs can but I'm gonna leave that leave that alone because I don't want to over complicate this I want to go over the basics so that when you're trying to figure out if you want to do this.