Form 1120-REIT for Tallahassee Florida 2024-2025

Form 1120-REIT for Tallahassee Florida: What You Should Know

Tallahassee, FL. — July 31, 2025 — The IRS doesn't let you use Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts, to report the sale of your home, the sale of a vacation home or another similar sale, even though it is not a real estate transaction in the ordinary sense of the word. Your tax situation may be different, but you might think you qualify for section 1031 because your home was acquired as part of a real estate investment trust. But, even if you can qualify for section 1031, you need to work with your accountant. To see if section 1031 applies, you need to go to IRM 20.3.6.4.1, Exclusion of Property from Section 1031; or 20.3.6.1.8, Exclusion of Property Under Sections 1032 or 1033. Note, if your home used to be owned by the trust, and you sell it, you need to get Form 1031. For the following examples, assume you have Section 1031-qualifying real estate, or if you don't, assume you have Section 1031-qualifying real estate and have no section 1031-qualifying real estate. Example 1: F.J. has the section 1031 equity and a Section 8-1 real estate mortgage. When the transaction price of her home drops, she might report the sale on her income tax return as a Section 1031-equity gain, because F. J no longer has any Section 1030-equity share of the real estate equity. She would pay all capital gain taxes on the sale on the sale price she got when the transaction was completed rather than her purchase price. Example 2: S.B. is a retired woman from a wealthy, long-term marriage (50 years). When she sells a house on a Section 8-1 mortgage (for much higher than the original sales price) she will also owe section 1031. (Note, Section 1031 does not apply even though her mortgage is a Section 8-1 mortgage.) Under these circumstances, she would report a capital gain on her Form 1040 as well. (If it is a Section 1031 equity capital gain, there is no gain for the years 2 and 2 and the amount is not deductible.

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