RNeilson
Level 2
03-11-2021
12:30 PM
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I am having trouble with the new form for the 1031 exchanges. Client sold property then rolled over into another rental property. All done properly. However it is showing gain original property as taxable gain. They were both like kind and I can't figure out what I have missed on the form to make it not show gain as taxable.
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qbteachmt
Level 15
03-11-2021
03:09 PM
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"Client sold property then rolled over into another rental property."
Was their 1031 done by an escrow or agent that held the funds, or did the taxpayer do what you stated:
Sold the property, then "rolled" it into another, handling the money in between?
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RNeilson
Level 2
03-11-2021
09:20 PM
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Yes, all funds were handled by a 1031 exchange company. I reported the exchange fees and noted that on the form. The form has changed from 2019 and it just doesn't seem to flow they way it did in 2019.
