1031 Exchange Agreement Form
Description
How to fill out Exchange Agreement For Real Estate?
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FAQ
Report the deferred gain or (loss) from line 24 on this year's tax return as if the exchange had been a sale. Line 11c. If you believe that you can establish to the satisfaction of the IRS that tax avoidance was not a principal purpose of both the exchange and the disposition, attach an explanation.
The IRS statute requires that you use a qualified intermediary (QI) to perform your 1031 exchange. While it is possible for an attorney to provide this service, it doesn't have to be an attorney and it can't be an attorney you have utilized for any other matters.
Any taxable gain recognized will be reported on IRS Form 4797 or Schedule D depending on the character of the relinquished property. Your taxable gain must be allocated between ordinary income depreciation recapture, unrecaptured Section 1250 taxable gain, Section 1231 taxable gain, and capital gain.
Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.
Line 1: List the address or legal description and type of property relinquished (sold). Line 2: List the address or legal description and type of property received. Line 3: List the month, day, year relinquished property was originally acquired. Line 4: List the date relinquished property was transferred to the buyer.
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.
A Deed, Bill of Sale, Invoice and or license are required to solidify the transfer of the exchanged properties. A Settlement Statement is required to illustrate the correct amount of funds coming into the exchange as well as proof the funds are appropriately being utilized to acquire the Replacement Property.
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.
Your 1031 exchange roadmapIdentify the property you want to sell.Select a QI.Add a relinquished property addendum to any contract offer.Get a copy of the sales contract to the qualified intermediary.Identify replacement properties.Send a copy of the sales contract to the QI.More items...
Purchase and Sale Agreement. The purchase and sale agreement is standard documentation in any real estate sale. Exchange Agreement. Form 8824. Final Closing Statement and Deed. Additional Documents -- By State.