There is some misinformation floating out around the dealer community intermingling “like-kind exchanges” and three different sections of the tax code (1031, 1099-b and bartering).
The Industry Council for Tangible Assets (ICTA) has produced a white paper which goes into detail providing a comprehensive explanation of each section of the tax code. The purpose of the paper is to try and make it as simple as possible to understand.
The paper has been released to ICTA members to aid them in assessing the effects of these revisions if they engage in like-kind exchanges. To access the white paper, ICTA members log in at ictaonline.org and select Resources > White Papers > Broker Reporting > Like-Kind Exchange and Barter.
ICTA is also making the paper available to non-members for a limited time. For information to obtain the white paper, visit the ICTA’s website.
For more extensive information on the rules and regulations of filing a 1099-b, purchase the ICTA Broker Reporting Kit at the the website of the ICTA.
This white paper and the Broker Reporting Kit is provided to assist dealers and is not intended to be used by dealers as the sole guidance for compliance. Dealers should consult with their tax professional.
ICTA is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. To join or learn more about ICTA, please visit our website.