How do I record a 1031 exchange on my taxes?

HOW TO REPORT THE EXCHANGE. 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.

What is Schedule D Form 1040?

Use Schedule D (Form 1040) to report the following: The sale or exchange of a capital asset not reported on another form or schedule. Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.

What form do I use to report 1031?

Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return.

What form do I fill out for a 1031 exchange?

While standard must-have documents come in tandem with a successful 1031 exchange, each state has its own requirements based on its own tax rules and regulations. For example, California requires a FTB Form 593-C, which outlines the date involving the sale or transfer of California real property.

Where do I report a 1031 exchange on my 1040?

How do you report Section 1031 Like-Kind Exchanges to the IRS? You must report an exchange to the IRS on Form 8824, Like-Kind Exchanges and file it with your tax return for the year in which the exchange occurred.

How do I do a 1031 exchange portfolio?

How a 1031 Exchange Works #1 Find a Qualified Intermediary Company. The first step is to find a qualified intermediary company. ... #2 Sell Your Property. ... #3 Submit Identification Papers. ... #4 Close on a Replacement Property. ... Delayed Exchange. ... Reverse Exchange. ... Simultaneous Exchange. ... Improvement Exchange.

How to do 1031 exchange step by step?

How to do a 1031 exchange Step 1: Identify the property you want to sell. ... Step 2: Identify the property you want to buy. ... Step 3: Choose a qualified intermediary. ... Step 4: Decide how much of the sale proceeds will go toward the new property. ... Step 5: Keep an eye on the calendar. ... Step 6: Be careful about where the money is.

How to calculate cost basis of 1031 exchange replacement property?

A Simplified Way of Calculating Basis for a 1031 Exchange You can use this cost basis or tax basis to determine the following: $500,000 + $7,500 $507,500. $507,500 + $40,000 $547,500. $500,000 x .0363 $18,180 (depreciation value over one year) $18,180 x 5 years $90,900 (depreciation value over five years)

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How a 1031 Exchange Works #1 – Find a Qualified Intermediary Company. The first step is to find a qualified intermediary company. ... #2 – Sell Your Property. ... #3 – Submit Identification Papers. ... #4 – Close on a Replacement Property. ... Delayed Exchange. ... Reverse Exchange. ... Simultaneous Exchange. ... Improvement Exchange.
How to do a 1031 exchange Step 1: Identify the property you want to sell. ... Step 2: Identify the property you want to buy. ... Step 3: Choose a qualified intermediary. ... Step 4: Decide how much of the sale proceeds will go toward the new property. ... Step 5: Keep an eye on the calendar. ... Step 6: Be careful about where the money is.

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