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Basics1031 Basics Why Exchange Qualified Intermediary What Can Be Exchanged Asset Manager Cash Management Financial and Tax Reporting Types of Exchanges
Strategic Property
Exchanges, LLC 11353 Reed Hartman Hwy. Suite 300 Cincinnati, OH 45241 Toll Free: (800) 427-7212 Phone: (513) 412-3481 Fax: (513) 412-3482
- 1031 Tax Deffered Exchange
- 1031 Real Estate - Reverse Exchange - Tax Exchange Rules
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Financial and Tax Reporting
Current Federal and State Tax law requires that Businesses and Individuals report their taxable income annually, including tax deferred transactions, such as 1031 Exchanges. In addition, recent tax statutes and regulations require that Businesses and Individuals, and their Advisors, disclose tax reporting positions which may be subject to interpretation by tax authorities, including Schedule M-1 and Circular 230. The Financial Accounting Standards Board issued FASB Financial Interpretation 48, which requires public and private businesses to disclose any tax positions that have a 50% or less chance being sustained if contested for all open years. Section 1031 exchanges may involve substantial analysis and interpretation in determining whether an asset maybe exchanged or whether the exchange is fully tax deferred. We advise clients as to the proper tax structure and types of 1031 Exchange to fully comply with federal and state tax law. At the completion of the exchange, we prepare, for attachment to the client’s tax return, tax forms 8824 and 4797. We compute the depreciation expense for exchanged assets for inclusion into the client’s tax return. We provide an Exchange Opinion that satisfies the requirement that the exchange comply with federal tax law as well as for FASB FIN 48 reporting requirements. |
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