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In a 1031 exchange, the property sold is referred to as the “relinquished property” and the property acquired is called the “replacement property”. Prior to the introduction of the 1031 exchange, a homeowner had to simultaneously sell one property while purchasing the new property, a practice...
Reporting a 1031 exchange to the IRS After completing a 1031 exchange, you must report the transaction to the IRS using Form 8824 to maintain the transaction’s tax-deferred status. You must file the form with your annual income tax return for the year in which the exchange was completed. ...
Consumers have a variety of ways to invest in real estate, including many options beyond just becoming a landlord, although that’s a time-tested option for those who want to manage a property themselves.
“Lastly, the 1031 exchange allows investors to defer capital gains taxes by using the sales proceeds from one property to purchase another ‘like-kind’ property.” Despite these benefits, there are some drawbacks you should carefully consider: Real estate investments can be more involved than ...
This handy guide offers detailed, step-by-step advice on using the 1031 Exchange--and much more:* How the capital gains tax works* Other little-known real estate loopholes* Creative real estate financing techniques* Advanced elements of tax-free exchanges* Terms and concepts you need to know*...
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If you sell your foreign property, you may be able to make a 1031 exchange (also called alike-kind exchange), in which you swap one investment property for another similar property on a tax-deferred basis. Many investors use this strategy to defer paying capital gains and depreciation ...
While this strategy is a bit riskier, for those able to handle the additional debt, it can help build wealth without having to enter into a 1031 exchange or sell a property. 4. Deferring Taxes on the Sale of a Home Gains from the sale of a taxpayer's primary personal residence are ex...