Beyond the Basic §1031 Like-Kind Exchange
As a tax preparer, you understand the importance of helping your clients keep their tax liability to a minimum. Depending on your clients’ circumstances, they may be eligible to defer gain and hence tax liability by using one of the less frequently used types of §1031 like-kind exchanges. In this webinar, you’ll learn the rules for basic like-kind exchanges, as well as less common types of transactions, including exchanges of real property with both business and personal use. You will also learn how a like-kind exchange affects the §121 exclusion. Finally, the webinar will address a like-kind exchange for a rental that is converted to a personal residence and if and when the §121 exclusion will apply.
Upon completion of this course, you will be able to:
- Describe a like-kind exchange to clients at the tax desk.
- Outline the requirements of Starker like-kind exchanges.
- Outline the requirements of reversed like-kind exchanges.
- Describe the interaction between §121 and §1031 when exchanging the property with both personal and business use.
- Describe the treatment of a like-kind exchange of a rental that is converted to a personal residence.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Cheryl Morse, EA