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Heidi Johnson, Realtor, ePro Certified & Notary is Proudly Serving the Houston, Texas Area & the Surrounding Suburbs. Personalized Customer Service for YOU! Call/Text 832-603-9111 or email: eprohomes1@gmail.com. Call me now.

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1031

TAX Exchange

 Call me to discuss  832-603-9111

or email at eprohomes1@gmail.com

 


 

IRS FORMS for 1031 Exchanges

 

Like-Kind Exchanges

Form 8824  click here for more

 

Specific Instructions - click here

 

General Instructions - click here

 

Different IRS Forms - click here

 

FORM 8824 Like - Kind Exchanges IRS

Click here

 

Small Business form is:

click here

 

Schedule D - click here




What is Capital Gains for Investment Property
 

You will need to report a tax deferred exhange to the IRS by using the proper forms.  See Forms along with your Federal income tax return for the tax YEAR in which you sell the Reliquished Property. 
 

Subject to change at anytime regs click here.

 

 

 Here is the definition  click here

 

 


Source: Commercialbanc

 

 

 

1031 Calculator - click here

 

 

 

1031 exchange calculator will help you to determine the tax deferment you will realize by performing a 1031 tax exchange rather than a taxable sale.

 


Why do I need title?


Selling Your Home?

Here are the IRS rules - click here

 

IRS Q&A. Instead, please visit Tax Law Questions or call our toll-free number at 1-800-829-1040 (Individuals) or 1-800-829-4933 (Business).

 


Heidi Johnson and Realty Associates cannot provide advice regarding specific tax consequences. Investors considering a IRC section 1031 Exchange - tax deferral exchange should seek counsel of both tax accountant or CPA and attorney to obtain professional and legal advice.

 

 


What is an example of the transaction steps?

 

1.  Contact the an Exchange Service before closing.

First American Title, Stewart Title, Alamo Title (Most big title companies have a 1031 Coordinator)

(Call me I can provide a list of title companies - Heidi Johnson 832-603-9111)

2. Owner and Buyer sign a Sales Contract for the property with theCooperation Clause Addendeum

3. Owner contacts the 1031 Exhange company before closing

4.  Owner signs exchange documents at closing.

5. Sale proceeds are wired to the Title Company that you pick with paperwork from 1031 Coordinator.

6. Owner identifies replacement property within 45 days of closing (Heidi Johnson, Realtor with You).

7. Owner gives a written letter of the identified properties to the coordinator

8. The property closings with the replacement property within 180 days of the ORGINIAL sale OR

You will need to extended due date of the return whichever comes first.

9. Property is directly deeded to new owner and the exchange is complete.

10. The exchangor (seller or buyer) reports the transaction on his/her tax return in the year which the reliquished property was sold.

 

 

 

 

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