Massachusetts 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. The property you sell and the replacement property you purchange must meet certain requirements to qualify for a 1031 Exchange.Form 8824 asks for details about the properties exchanged, the dates of the transactions, and the financial aspects of the exchange. When completing a 1031 exchange, an investor's replacement property must be of equal or greater value than the relinquished property. It is possible to convert an otherwise taxable sale into a 1031 exchange shortly before closing. Form 8824 asks for details about the properties exchanged, the dates of the transactions, and the financial aspects of the exchange. There is currently no limit on the number of 1031 exchanges an investor can complete. Shoot us an email and one of our 1031 exchange experts will follow up with next steps. The instructions in the Department of Revenue's (DOR) tax forms should provide answers to most taxpayer questions. But in a likekind exchange, gain or loss on the sale of relinquished property is deferred until the replacement property is sold.
