- Introduction
- Traditional Sale of Rental Property
- Like-Kind Exchange
- Installment Sale
- Selling a Vacation Home
If you want to remain in the rental real estate business, but want to unload your property for a different one of similar characteristics, a like-kind exchange may be a possible solution. To keep it simple, a like-kind exchange allows you to swap your property for one that is similar, while deferring taxes on any gain. A real estate broker that specializes in these types of exchanges may be able to help you find a property that meets your objectives.
IMPORTANT NOTE: Before going through with the swap, consult a tax professional and a real estate attorney experienced in this area to ensure that the exchange meets the complicated IRS rules governing the transaction.
SUGGESTION: Like-kind exchanges are reported on IRS Form 8824: Like-Kind Exchanges.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.