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If you exchange either business or investment property that is of the same nature or character, the IRS won’t recognize it as a gain or loss. This calculator is designed to calculate and recognized loss, gains and the basis for a tax deferred like kind exchange.
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Definitions
- Description of Like Kind Property Given Up
- Brief description of the property that will be given up in this exchange.
- Date Property Originally Acquired
- Date property was originally acquired.
- Date Property Was Transferred
- Date the property was transferred or will be transferred.
- Description of Like Kind Property Received
- Brief description of the property that will be received in this exchange.
- Date Property Originally Identified
- Date received property was originally identified.
- Date Property Was Received
- Date received property was or will be received.
- Original Cost or other basis
- Original cost basis for the property.
- Improvements
- Any improvements made to the property.
- Depreciation (Allowed or Allowable)
- Depreciation on the property.
- Casualty losses deducted
- Any casualty losses that have been deducted on this property.
- Investment/Energy Credits Claimed
- Investment and energy credits claimed on this property.
- Deferred Gain
- Any deferred gain on this property.
- FMV of like-kind property
- Fair Market Value (FMV) of like-kind property.
- FMV of unlike property/services
- Fair Market Value (FMV) of unlike property and or services.
- Liabilities/mortgages on like-kind property
- Liabilities and mortgages on the like-kind property.
- Expenses incurred for the exchange
- Expenses incurred for the exchange.
- Ordinary Income under recapture rules
- Ordinary income under recapture rules.
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