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IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.
Form 8824 Instructions provide information on general rules and how to complete the form. Page Last Reviewed or Updated: 09-Oct-2024. Information about the like-kind exchange and requirements under IRS Code Section 1031 for recognizing a gain or loss.
Regulations section 1.1031(a)-3 defines real property as land and improvements to land, unsevered natural products of the land, and water and air space superjacent to land.
17 sie 2024 · Section 1031 is a federal tax provision that allows a business or investment property owner to defer federal taxes on the gains from the sale of property if the proceeds are reinvested in other...
20 cze 2023 · A 1031 exchange, named after Section 1031 of the Internal Revenue Code, is a tax-deferred exchange that allows investors to exchange one investment or business property for another of like-kind while deferring the payment of capital gains taxes.
Top. § 1.1031-0 Table of contents. This section lists the captions that appear in the regulations under section 1031. § 1.1031 (a)-1 Property held for productive use in a trade or business or for investment. (a) In general. (b) Definition of “like kind.”.
8 wrz 2023 · A 1031 Exchange, also known as a like-kind exchange, is a transaction under U.S. tax law that allows an investor to defer capital gains taxes when they sell a property and reinvest the proceeds in a new, "like-kind" property. It's named after Section 1031 of the U.S. Internal Revenue Code.
