1031 Like-Kind Exchanges: Tax Reporting Tips

Authored by James Hamill
About this Course
Topics covered include: Statutory Requirements of Like-Kind Exchanges; Realized and Recognized Gain Computations; Basis of Replacement Property; Deferred Exchange Mechanics and Documents; Uses of Settlement Statements; Identifying 'Same' Taxpayer; Form 8824 Reporting Mechanics; How to proof basis computations; Dealing with exchange closing costs; Form 1065 reporting issues; Form 1065 Exchange Questions; Partnership Debt Issues at Year-End; At-Risk Basis Issues; Passive Loss issues; Title Parking Arrangements. Upon completing this course, you should be able to: Describe essential tax reporting issues and obligations in like-kind exchanges; Identify planning opportunities with like-kind exchanges; Recognize and apply best practices for preparing returns that include like-kind exchanges; Differentiate true statements regarding Section 1031 requirements; Identify the appropriate formula for calculating the basis in the new property in a 1031 exchange; Recognize proper qualified intermediary facilitated exchanges; Identify which form must be attached to the return for the year of the sale of the relinquished property in a 1031 exchange; Describe statements related to partnership debt reporting; Recognize the tax basis of replacement property in a 1031 exchange; Calculate the basis of new property in a 1031 exchange, the logical basis is acquisition cost of new property; Identify the basis of the new property; Recognize a sale-purchase to qualify as an exchange; Recognize when deferred exchanges must be identified or received.
$ 34.00
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NASBA Field of Study
CPE Credits
Basic understanding of federal income taxation.
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