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Question
Are you familiar with 1031 exchange program?
AI accountant’s answer:
Yes, I'm familiar with the 1031 exchange program. A 1031 exchange, also known as a like-kind exchange or a Starker exchange, is a tax strategy that allows you to defer capital gains taxes when you sell an investment property and reinvest the proceeds into a similar property within a specified time frame. It's based on Section 1031 of the Internal Revenue Code. To qualify for a 1031 exchange, both the property you're selling and the property you're buying must be considered like-kind, meaning they must be held for investment or used in a trade or business. Also, there are strict timelines you need to follow: 1. The 45-Day Identification Period: You must identify potential replacement properties within 45 days of selling your original property. 2. The 180-Day Exchange Period: You must acquire and close on one or more of the identified properties within 180 days of selling your original property, or by the due date for filing your tax return for the year in which you sold the property, whichever comes first. A qualified intermediary should be involved in the process to handle the exchange and ensure that you meet all requirements. It's important to understand the rules and restrictions fully to avoid potential tax consequences.
Comment from reviewer
David Bailey, EA, MBA

I would change the word "should" in the last paragraph. An intermediary must be involved in the process, as the taxpayer cannot receive the cash on the initial sale.

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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started