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1. smartasset.com › taxes › how-to-report-1031-exchangeWhen and How to Report a 1031 Exchange on Your Tax Return

   smartasset.com › taxes › how-to-report-1031-exchange

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   Jan 30, 2024 · A 1031 exchange allows certain real estate investors to defer capital gains taxes when selling one investment property and reinvesting proceeds from the sale into another similar property. Taxes are only postponed, not eliminated, and investors still need to properly report 1031 exchanges to the IRS.

2. www.forbes.com › real-estate › 1031-exchange1031 Exchange: Rules And Basics To Know – Forbes Advisor

   www.forbes.com › real-estate › 1031-exchange

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   Nov 29, 2023 · When you file your taxes for the year the exchange took place, include Form 8824 in your tax return, notifying the IRS of the exchange and informing them what property you sold and what...

3. www.financestrategists.com › tax › tax-planningReporting a 1031 Exchange on Tax Return | Steps and Tips

   www.financestrategists.com › tax › tax-planning

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   Sep 8, 2023 · Reporting a 1031 Exchange on Tax Return. Written by True Tamplin, BSc, CEPF®. Reviewed by Subject Matter Experts. Updated on September 08, 2023. Get Any Financial Question Answered. Ask Any Question. Table of Contents.

   • IRS Form 8824, "Like-Kind Exchanges," is used to report each 1031 Exchange. The form helps taxpayers provide details about the properties exchanged...
   • 'Boot' refers to any cash or non-like-kind property received in a 1031 Exchange. It's often received when the properties exchanged are not of equal...
   • If a mistake is discovered in the previous 1031 Exchange reporting, an amended return should be filed. This allows you to correct previously filed...
   • Records of your 1031 Exchange should be kept for at least three years after the exchange has been reported on your tax return. However, keeping the...
   • While it's possible to handle a 1031 Exchange and its reporting on your own, it's often recommended to get professional help due to its complexity....

4. www.americanbar.org › real-estate › 1031-exchangeExchanges Under Code Section 1031 - American Bar Association

   www.americanbar.org › real-estate › 1031-exchange

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   How is a 1031 Exchange Structured? Before closing of the sale of the Relinquished Property, the Taxpayer must enter into an exchange agreement with an Accommodator and the Buyer.

5. www.kiplinger.com › real-estate › 1031-exchangeThe 1031 Exchange Rules You Need to Know | Kiplinger

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   • 1031 Exchanges Are Also Known as ‘Like-Kind’ Exchanges, and That Matters. Section 1031 of the IRC defines a 1031 exchange as when you exchange real property used for business or held as an investment solely for another business or investment property that is the same type or “like-kind.”
   • Careful: You’re on the Clock! When contemplating a 1031 exchange, the race is indeed to the swift, or at least to the efficient: You have 45 days from the date of the original property’s sale to identify a new property to reinvest the proceeds.
   • 1031 Exchanges Don’t Work to Downsize an Investment. The strict rules surrounding 1031 exchanges require the new investment property to be of equal or greater value than the property being sold.
   • Transactions Can Be Structured in Four Different Ways. As needs vary depending on circumstances, real estate investors generally use five different kinds of 1031 exchanges

6. www.realized1031.com › blog › how-to-report-a-1031How To Report a 1031 Exchange on Your Tax Return

   www.realized1031.com › blog › how-to-report-a-1031

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   All 1031 exchanges are reported on IRS Form 8824. This is where you describe the relinquished and replacement property, the dates the relinquished property was acquired and transferred, the dates the replacement property was identified and received, and information about related parties.

7. finance.yahoo.com › news › report-1031-exchange-taxDo I Need to Report a 1031 Exchange on My Tax Return?

   finance.yahoo.com › news › report-1031-exchange-tax

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   Feb 6, 2024 · A 1031 exchange allows certain real estate investors to defer capital gains taxes when selling one investment property and reinvesting proceeds from the sale into another similar property....