pkellycpa
Level 5
04-05-2024
08:42 PM
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Replacement property purchased 10/1/2023. Rental property currently operating.
Disposed property sold March 1, 2024 and exchange completed.
Who reports the activity of the replacement property October to February?
8824 filed 2023 or 2024?
Disposed property sold March 1, 2024 and exchange completed.
Who reports the activity of the replacement property October to February?
8824 filed 2023 or 2024?
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dascpa
Level 12
04-05-2024
08:56 PM
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If legal title was to the new owner in 2023 then the new owner reports the rental revenue and expenses until 12/31/23 and then full year 2024. The only thing the 2024 1031 was to do is - see next paragraph.
The basis for depreciation would be reduced in 2023 for the gain deferral even though the deferral didn't happen until 2024. If you don't have the like-kind exchange numbers worked out, put on extension.
