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1031 exchange capital gain exclusion

Dear 1031x: Why does your site's 'calculating capital gains' calculator not include the $500K exclusion? Where does it apply in calculating capital gain from a home sale?
Dear Carol: Thank you for contacting us. The reason that our calculator does not include the $500K exclusion is because that exclusion only applies to the sale of principal residences. Our website deals primarily with the 1031 exchange of investment property and not with the sale of principal residences. We designed the capital gains calculator to help customers estimate their tax if they decide NOT to do a 1031 exchange.

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Relinquished Property: The property to be sold or disposed of by the Exchangor in the tax-deferred, like-kind exchange transaction. Replacement Property: The like-kind property to be acquired or received by the Exchangor in the tax-deferred, like-kind exchange transaction. Reverse Exchange: A tax-deferred, like-kind exchange transaction whereby the replacement property is acquired first and the disposition of the relinquished property occurs at a later date. Reverse/Improvement Exchange: The EAT can make improvements to the replacement property before transferring it to the taxpayer as part of a Reverse Exchange. [Back to Top of 1031 Exchange Glossary]Safe Harbors: The Treasury Regulations provide certain Safe Harbors that assist Qualified Intermediaries and Exchangors in structuring tax-deferred, like-kind exchange transactions so they can be assured that no constructive receipt issues will be encountered during the exchange cycle. Seller Carry-Back Financing: When the buyer of a property gives the seller of the property a note, secured by a deed of trust or mortgage. In a Section 1031 Exchange, seller carry-back financing is treated as boot, unless it is sold at a discount on the secondary market or assigned to the seller as a down payment on the replacement property. Simultaneous Exchange: A tax-deferred, like-kind exchange transaction whereby the disposition of the relinquished property and the acquisition of the replacement property close or transfer at the same time. A Simultaneous Exchange is also referred to as a Concurrent Exchange. Starker Exchange: Another common name for the tax-deferred, like-kind exchange transaction based on a court decision that was handed down (Starker vs. Commissioner) in 1979. The Ninth Circuit Court of Appeals eventually agreed with Starker that its delayed tax-deferred, like-kind exchange transaction did in fact constitute a valid exchange pursuant to Section 1031 of the Internal Revenue Code. This ruling set the precedent for our current day delayed exchange structures. Straight-line Depreciation Method: A depreciation method that spreads the cost or other basis of property evenly over its estimated useful life. Tangible Personal Property: Property other than real estate that physically exists. Aircraft, business equipment and vehicles are examples of tangible personal property. Assets such as trademarks, patents and franchises only represent value and are therefore intangible property. [Back to Top of 1031 Exchange Glossary]Tax-Deferral: The postponement of taxes to a later year, usually by recognizing income or a gain at a later time. Tax-deferred, like-kind exchange transactions are a common method of deferring capital gain and depreciation recapture taxes. Tax-Deferred Exchange: The sale or disposition of real estate or personal property (relinquished property) and the acquisition of like-kind real estate or personal property (replacement property) structured as a tax-deferred, like-kind exchange transaction pursuant to Section 1031 of the Internal Revenue Code and Section 1.1031 of the Treasury Regulations in order to defer Federal, and in most cases state, capital gain and depreciation recapture taxes. Taxpayer: The person or entity that is completing the tax-deferred, like-kind exchange transaction, commonly referred to as Exchangor. Tenancy-In-Common Interest (Co-Tenancy): A separate, undivided fractional interest in property. A tenancy-in-common interest is made up of two or more individuals, who have equal rights of possession. Co-tenants� interests may be equal or unequal and may be created at different times and through the use of different conveyances. Each co-tenant has the right to dispose of or encumber his or her interest without the agreement of the other co-tenants. He or she cannot, however, encumber the entire property without the consent of all of the co-tenants. In an INTERNAL REVENUE CODE Section 1031 Exchange, an exchangor may acquire a tenancy-in-common interest with one or more other investors, as his or her like-kind replacement property. For purposes of INTERNAL REVENUE CODE Section 1031 Exchanges, a co-tenancy must only engage in investment activities, including supporting services that would typically accompany the investment. Co-tenants that are engaging in separate business activities are treated as partnerships by the I.R.S. Titleholder: The entity that owns/holds title to property. In an INTERNAL REVENUE CODE Section 1031 Exchange, the titleholder of the relinquished property must generally be the same as the titleholder of the replacement property. If a taxpayer dies prior to the acquisition of the replacement property, his or her estate may complete the exchange. When the acquisition and disposition entities bear the same taxpayer identification numbers, such as disregarded entities (single-member LLCs and Revocable Living Trusts), the exchange usually qualifies. 1031 exchange 1031 real estate exchange capital gains 1031 tax law free ipod IRS 1031 Tax Deferred Exchange Exchange Intermediary Tax Law Changes Tax Free Exchange 103 Exchange 1031 Exchang Boot swap income property What is 1031 Exchange and the Real Estate Tax Law Regarding Capital Gains?IRS 1031 ExchangesAsk about: 1031 Florida,1031 Texas, 1031 California,1031 Phoenix,1031 Virginia,1031 Colorado,Replacement Property,Estate Planning,Trust,1031 New York,1031 Utah,1031 Oregon Coast,1031 Sacramento,1031 Connecticut,Tax Deferred Exchange,Extension for Hurricane Katrina,Qualified Intermediary,2004 Tax Law ChangesWe can help you with what you need to know about 1031 exchanges--call or email 1031x.com. We assist people in performing 1031 exchange of real estate to defer tax liability under section 1031 of the IRS tax law. Please search the 1031x.com site to find answers to your 1031 Exchange questions. Since 1994, 1031x.com has been serving as a Qualifed intermediary for 1031 Exchanges.
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Castle Estate Planning can help with 1031 Exchange Questions!1031 Exchange Replacement TIC PropertiesIncome without Management for 1031 Exchange1031 Exchange Replacement NNN Properties?Your 1031 Exchange Backup Property Source1031 Exchange: 8% Private Investment in Castle Commercial MortgageProviding fast loans for 1031 exchange clients1031 Exchange is how it startedMeet people who know 1031 exchanges1031 Exchange Owner Carryback: Stop!888-899-1031 Contact Us First--Don't pay taxes!!!1031 Exchange--How to take money out1031 Exchange Improvement Money1031 Exchange Real Estate Exchange: Estate Planning Real Estate Exchange means 1031 Exchange Estate Planning!Real Estate Exchanges need Replacement TIC PropertiesIncome without Management for 1031 ExchangeNeed a 1031 Exchange Replacement Property?Castle-NNN.com can help you!1031 Exchange and 12110311031 Exchange Summary1031 Exchanging - an overview1031 Exchange ExampleAn example of the benefits of 1031 exchange of real estate1031 Exchange and General Questions1031 exchange refers to an Internal Revenue Code section numbered 1031. 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Bottom line, we have been doing 1031 exchanges for 11 years. 1031 exchange are our specialty--we have been doing 1031 exchanges according to the IRC 1031 tax code.

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