1031 Exchange Agreement Form For Export In Orange

State:
Multi-State
County:
Orange
Control #:
US-00333
Format:
Word; 
Rich Text
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

If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange. See Line 7, later, for details. Section 1031 regulations.

Section 1031(f) provides that if a Taxpayer exchanges with a related party then the party who acquired the property in the exchange must hold it for 2 years or the exchange will be disallowed.

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.

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.

More info

There must be a written "exchange agreement" between you and the QI to prevent you from having "constructive receipt" of the funds during the exchange period. Before closing of the sale of the Relinquished Property, the Taxpayer must enter into an exchange agreement with an Accommodator and the Buyer.Tell IPX1031 immediately if you plan to 1) use Exchange Funds to make improvements to the. Considering a 1031 Exchange?

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1031 Exchange Agreement Form For Export In Orange