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04-10-2025
01:32 PM
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City, under threat of imminent domain, purchases residential real property and reimburses for trees and fence and landscape and issues a lump sum 1099-S . I want to defer gain under code section 1031 until purchase of trees and fencing when actual cost will be known. I believe I have 4 years to replace and determine amount that is capital gain.
What form do I use to report my intention to use 1031 in 2024 and what attachments are needed?
Is there a better way to do this? Thank you.
Best Answer Click here
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