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Tax Free Exchange Package - Maryland 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 Maryland. It includes essential forms and instructions to facilitate tax-free exchanges of properties, 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 a disclaimer regarding legal advice.

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What items are eligible for Maryland tax-free week?

Certain clothing, footwear and accessories are eligible. Examples of tax-free clothing and footwear are sweaters, shirts, slacks, jeans, dresses, robes, underwear, belts, shoes and boots priced at $100 or less. The first $40 of a backpack/bookbag purchase is tax-exempt.

What states have tax reciprocity with Maryland?

Maryland has reciprocal agreements with Pennsylvania, Virginia, West Virginia and the District of Columbia. If your employer withheld tax for one of the reciprocal states, you can claim a refund from the reciprocal state.

How much can you gift tax-free in MD?

Is there gift tax in Maryland, D.C. or Virginia? No, but there is gift tax at the federal level for gifts in excess of $ 12,060,000 per person or $24,120,000 per couple (in 2022). The annual gift tax exclusion amount has also increased to $16,000 per year per gift recipient.

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.