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Tax Free Exchange Package - Nebraska

Tax Free Exchange Package - Nebraska 2025

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The document is a Tax-Free Exchange Package provided by U.S. Legal Forms, Inc. for real estate sellers in Nebraska. It includes essential forms and instructions to facilitate tax-free exchanges of property, allowing sellers to defer capital gains taxes and avoid depreciation recapture. The package contains various forms such as the Exchange Agreement and Like-Kind Exchanges, along with tips for completing them and legal document storage recommendations. A disclaimer emphasizes that the materials are provided without warranty and do not substitute for legal advice.

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What is the downside of a 1031 exchange?

Market Risks- Like all real estate transactions, 1031 exchanges are not immune to market downturns. If the value of the replacement property drops significantly, it can negatively impact an investors portfolio.

Are tax-free exchanges a good idea?

Tax Deferral Benefits A 1031 exchange allows you to defer taxes, which is the main advantage of doing one. Youre deferring capital gains tax after selling a property and picking up a like-kind better property that can potentially cash flow way more than the previously owned one.

What qualifies as a tax-free exchange?

A tax-free exchange under Section 1031 (1031) of the Internal Revenue Code (IRC) occurs when a person (Exchangor) desires to sell property (Relinquished Property) and replace it with similar, or like-kind, property (Replacement Property) almost immediately.

Can you lose money in a 1031 exchange?

Investors who lose their money when an exchange company fails not only risk losing all of their cash, but if they have entered into a contract to buy the replacement property, they could be subject to a lawsuit for failure to acquire the property.

What are the rules for 1031 exchange in Nebraska?

Eligibility Criteria for 1031 Exchanges in Nebraska The fundamental requirement is that both the relinquished property and the replacement property must be held for business or investment purposes. Investment Property: The properties involved must be for investment or used in a businessnot personal residences.

How much money can you gift tax-free in Nebraska?

Nebraska has no gift tax. The federal gift tax has a $19,000 exemption for each person to whom you give gift in 2025, up from $18,000 in 2024. If you gift one person more than $19,000 in 2025, you must report that gift to the IRS.

How does a tax-free exchange work?

A 1031 exchange allows investors to defer capital gains tax on the sale of one investment property by reinvesting the proceeds into another like-kind property. The like-kind exchange must involve real estate properties, not personal property (except in specific cases, such as real estate businesses).

When should you not do a 1031 exchange?

Here are examples of properties ineligible for a 1031 exchange: Primary residences: A 1031 exchange is specifically intended for investment or business properties. Personal properties are not eligible. Vacation homes: Vacation homes generally do not qualify if used for personal reasons.

Tax Free Exchange Package - Nebraska 2025

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