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Swap business equipment tax-free

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Don’t think that the like-kind exchange rules are just for real estate. They also apply to tangible business property.

Example: You can swap your old computers for new ones without paying current tax on the deal. But beware: Generally, the IRS is stricter on the definition of “like-kind” property than it is for real estate.

Report transactions on Form 8824, Like-Kind Exchanges, available at www.irs.gov/pub/irs-pdf/f8824.pdf.

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