1031 Exchange reporting

KenW · ‎03-30-2020

When an exchange stars in one year and ends in another, How is it recorded?

Property Given 11/1/2019, New property identified on 12/13/2019, and new property received 1/9/2020.

Do you report the exchange in 2019 since it closed before the due date of the return?

Ken

abctax55 · ‎03-30-2020

Report in the year the §1031 started.

I create a "dummy" asset to hold the basis until the subsequent year. You then have to add the date to start depreciation computing.

HumanKind... Be Both