Property Exchange Forms

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Commonly Asked Questions about Property Exchange Forms

What form does the IRS require for related parties to report an exchange of property?

Form 8824 You must report an exchange to the IRS on Form 8824, Like-Kind Exchanges and file it with your tax return for the year in which the exchange occurred. Like-Kind Exchanges Under IRC Section 1031 - IRS IRS pub irs-news IRS pub irs-news

What is a form 8824 used for?

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. About Form 8824, Like-Kind Exchanges - IRS IRS (.gov) forms-pubs about-form-8824 IRS (.gov) forms-pubs about-form-8824

What would disqualify a property from being used in a 1031 exchange?

Under IRC 1031, the following properties do not qualify for tax-deferred exchange treatment: Stock in trade or other property held primarily for sale (i.e. property held by a developer, flipper or other dealer) Securities or other evidences of indebtedness or interest. Stocks, bonds, or notes.

What kind of property qualifies for a 1031 exchange?

The property must be a business or investment property, which means that it cant be personal property. Your home wont qualify for a 1031 exchange. However, a single-family rental property that you own could be exchanged for commercial rental property. What You Need to Know for a 1031 Exchange in California - AB Capital AB Capital 1031-exchange-california AB Capital 1031-exchange-california

What does not qualify for a 1031 exchange?

Property that does not qualify includes but is not limited to a primary residence, a second home, flip properties, or a property held in inventory for sale. Recent changes to tax law disallow personal property (artwork, boats, etc.) as valid property in a 1031 Exchange at the federal level.

What form do you need for a 1031 exchange?

Form 8824 Taxpayers report exchanges on Form 8824, like-kind exchanges, attaching it to their returns. The form asks for: Descriptions of properties sold and purchased. Key dates including when the sold property was originally acquired and when the replacement property was identified and acquired. When and How to Report a 1031 Exchange on Your Tax Return SmartAsset taxes how-to-report-1031-exch SmartAsset taxes how-to-report-1031-exch

Which property types does the 1031 exchange apply to?

The following list of 1031 exchange property types is an excellent place to start when considering what your next step will be after you sell your relinquished property: Residential Property. Commercial Property. Vacation Rental Property. Agriculture Property. Conservation Property. Timberland Investment Property.

Which of the following would not qualify as a 1031 exchange?

Examples of property that does not qualify for tax-deferral treatment under Section 1031: Personal use properties. Property held for sale, such as spec homes, building lots and flips Partnership interests. Stocks, including that of a Real Estate Investment Trust (REIT), and bonds.