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Guest
Guest
0.10 Dollars($)
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 Posted: Fri Jul 29, 2005 12:14 am Post subject: 1031-exchange |
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| what is 1031 exchange? |
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 Caron
Moderator
Joined: 19 Jul 2005
Posts: 1486
Location: florida
251.25 Dollars($)
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| Posted: Fri Jul 29, 2005 1:19 am Post subject: RE: |
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Hi Guest
Welcome to the forums.
A 1031 exchange is the sale of real estate or personal property and acquisition of similar property in which the owner of the sold property has no liability towards federal, and in most cases state, capital gain and depreciation recapture taxes. This rule is in accordance with section 1031 of the Internal Revenue Service.
Wish to hear from you soon.
Regards,
Caron. |
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Anjelina. D
Guest
0.10 Dollars($)
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| Posted: Sun Jul 31, 2005 9:03 pm Post subject: |
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| what is the time allotted to complete 1031 exchange? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 746
Location: OHIO
140.73 Dollars($)
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| Posted: Sun Jul 31, 2005 10:35 pm Post subject: RE: |
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Hi Angelina.D
There are time restrictions as far as Section 1031 exchange is concerned. A tax payer is given 45 days after the previous property is transferred, to identify potential replacement properties.
The 1031 exchange must be completed within 180 days from the date of transfer of the previous property, or the due date of the taxpayer's federal tax return for the year in which the property is transferred, whichever is earlier.
Thus for a calendar year taxpayer, the exchange period may be reduced for any exchange that begins after October 17th. However it is possible that the taxpayer may get full 180 days, if he requests for an extension of the due date for filing tax returns.
Wish to receive your feedback soon.
Regards,
Jessica. |
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anonymous91
Guest
0.10 Dollars($)
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| Posted: Sat Nov 05, 2005 2:52 pm Post subject: |
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| Are there different types of exchanges available? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1543
Location: MASSACHUSETTS
138.00 Dollars($)
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| Posted: Sat Nov 05, 2005 3:08 pm Post subject: |
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Hi,
Yes there are different types of exchanges available. The types may be classified as follows -
- Simultaneous Exchange - Where within the same time an exchange of a surrendered property takes place against a replacement property.
- Delayed Exchange - Here there is a time gap between the transfer of a surrendered property and the possession of the replacement property.
- Build to Suit Exchange - Here, the tax payer can build on or make improvements on the replacement property during the course of exchange.
- Reverse Exchange - Here the replacement property is acquired before the transfer of the surrendered property.
- Personal Property Exchange - This is the exchange of personal property.
Hope this information will help.
God bless you.
For MortgageFit,
Samantha |
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helping user
Guest
0.10 Dollars($)
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| Posted: Sat Nov 26, 2005 1:32 am Post subject: capital gains taxes |
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1031 exchange applies to capital gains taxes (15%), depreciation recapture (25%), and state income taxes (generally 8% to 9% where applicable).
Long-term capital gains taxes apply to property held over 1 year ? gains from property held less than a year are taxed as ordinary income. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1543
Location: MASSACHUSETTS
138.00 Dollars($)
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| Posted: Sat Nov 26, 2005 12:37 pm Post subject: |
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Hi helping user,
Welcome to Mortgagefit Forums.
Those were wonderful statistics and will enrich the content of this topic. We require people with helping attitude like you to make our community stronger.
We hope to get a share of your knowledge always.
Thanks,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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