Like Kind Exchanges

Course Objectives

Upon completion of this course you will be able to describe the various types of exchanges that may be made and explain general concepts of like kind exchanges to clients. You will be able to determine whether a second residence is for personal or business use, or both, and whether or not it qualifies for a like kind exchange. In addition to understanding when particular issues affect an exchange transaction and the proper treatment, participants will learn the five requirements for a transaction to qualify as a like kind exchange and be equipped to prepare tax returns involving them. You will become familiar with delayed, deferred, and reverse exchanges, the concept of related parties, as well as the requirements of personal property and cost seg studies. This course will provide an overview and explanation of Tenants in Common, and Delaware Trusts and illustrate numerous completed Forms 8824.