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Also, the concept of like-kind must be comprehended. The IRS regulations pertain to the exchange of like-kind properties. By way of illustration, a piece of commercial property could not be exchanged for a piece of raw land and still qualify for the tax benefit. It must be exchanged for a piece of commercial land.
Secondly, the definition of like-kind is slightly different, depending on whether you are a business or an individual. The definition of like-kind for a business does not account for the class or grade of the property: it does in the case of individual properties.
The tax exchanges code was devised to work in cases where the taxpayer sold an existing property and then purchased a replacement property. But not all transactions occur in this order. There is also what’s called a “reverse” exchange, where the order is reversed.
Take some time to understand both and you'll be glad you made the time investment to save a financial one.
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