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Thursday, January 27, 2005

IRS Issues Rev. Proc. on Combining Like-Kind Exchange with § 121 Exclusion

Irs_logo_35 The IRS today released Rev. Proc. 2005-14, providing guidance on a like-kind exchange of a home (JS-2214):   

The revenue procedure clarifies that a homeowner, who may exclude gain upon a sale or exchange of a home, also may benefit from a deferral of gain for a like-kind exchange with respect to the same property.

The revenue procedure indicates that, in certain cases, a homeowner may benefit from both the home-sale exclusion and the like-kind deferral. In such cases, the property would have been used consecutively or concurrently as a home and a business (e.g. rental residence). The revenue procedure sets forth six examples, illustrating the treatment of depreciation and boot.

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