Does TaxAct have Form 8915?

To enter or review Form 8915-E information: From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal. Click Retirement Plan Income in the Federal Quick Q&A Topics menu.

Is a 1099 required for a 1031 exchange?

Per the IRS, “Gain deferred in a like–kind exchange under IRC Section 1031 is tax–deferred, but it is not tax–free.” More importantly for a settlement agent, an exchange transaction is not exempt from IRS reporting. A 1099–S must still be filed, reporting the transfer to the IRS.

Is TaxAct legitimate?

TaxAct is less well-known among tax software providers, but it offers quality online software that generally costs far less than TurboTax or H&R Block. Generally less expensive than similar TurboTax and H&R Block options. (And NerdWallet users can save 25% on federal and state filing costs.)

How to report a 1031 exchange to the IRS?

We recommend consulting a tax advisor about the specifics of reporting each exchange. HOW TO REPORT THE EXCHANGE Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange.

What kind of property is a 1031 exchange?

A 1031 exchange is the exchange of so-called “like-kind” property; the 1031 exchange tax can result as long-term gains, short-term capital gains or ordinary income. Like-kind property is determined to be property of the same economic use, no matter the value. Note: financial securities and inventory do not qualify for like-kind exchanges.

Is there an exception to IRC Section 1031?

IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.

Do you have to file Form 6252 for 1031 exchange?

Form 6252 must also be filed if the taxpayer accepts a carry back note from the seller from the relinquished property and is able to report taxable gain according to installment sale rules. If your 1031 exchange falls through, it might not be taxed immediately, and you may still be able to defer your capital gains.