1031 Exchange Agreement Form With Us In Cuyahoga

Category:

Real Estate - Taxes

State:

Multi-State

County:

Cuyahoga

Control #:

US-00333

Format:

Instant download

Description

This form states that the owner of certain property desires to exchange the property for other real property of like kind and to qualify the exchange as a nonrecognition transaction. The agreement also discusses assignment of contract rights to transfer relinquished property, resolution of dispute, indemnification, and liability of exchangor.

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FAQ

What Is a Qualified Intermediary? Qualified Intermediary (QI) is someone a property seller selects to oversee the 1031 exchange process and its funds. They hold the funds from the previous property and use them to acquire the new replacement property to ensure compliance with IRS regulations.

For a 1031 exchange in Ohio, an investor must identify a replacement property within 45 days from the sale of the relinquished property. Furthermore, the transaction must be completed by acquiring the replacement property within 180 days of the sale or by the tax filing deadline, whichever comes first.

A Qualified Intermediary, or QI, is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds.

A 1031 exchange does not obviate the need for a realtor. Quite to the contrary, in most cases an Exchanger has an even greater need for a realtor due to the time constraints placed on Exchangers.

While it may be tempting to ask your CPA to act as your Qualified Intermediary, a CPA cannot facilitate a 1031 exchange between investors. Under IRC Section 1031 guidelines, CPAs, attorneys, investment bankers, and real estate agents/brokers fall under the 'agent' category.

While an investor can choose which property to sell (exchange) and identify replacement properties, the investor/taxpayer may not control or have access to the funds in between those two events. For that reason, the use of a qualified intermediary is necessary.

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. For line-by-line instructions on how to complete form, download the instructions here.

More info

Completing a 1031 exchange in Ohio is relatively simple. Visit our library of important 1031 exchange forms.The pros at Equity Advantage have provided everything you need in easily downloadable PDF files. Real Estate Services Forms. Note: These documents must be prepared in accordance with ORC 317.114 - Standard format of instruments to be recorded. You must report the exchange to the IRS on Form 8824. With your final statement, we will send our workbook explaining how to fill out your Form 8824 properly. Get Started On Your 1031 Fill Form Below or Call 941-366-1300. Links to the most requested forms from the Treasurer's Department for taxpayers in Cuyahoga County. Learn the 12 essential steps for a successful 1031 exchange, from choosing a qualified intermediary to closing on replacement property.

1031 Exchange Agreement Form With Us In Cuyahoga

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FAQ

Who prepares a 1031 exchange?

What are the rules for 1031 exchange in Ohio?

Who prepares the 1031 exchange agreement?

Do you need a realtor to do a 1031 exchange?

Can a CPA do a 1031 exchange?

Can I manage my own 1031 exchange?

How to do a 1031 exchange in Ohio?

Is there a form for a 1031 exchange?

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