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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Re: 1031 exchange with different year end dates
1031 exchange with different year end dates
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michele
Level 7
05-27-2021
03:55 PM
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I have a 1031 real estate exchange that the proerty given up was sold on 12/28/2020 and the new property was acquired on 1/08/ 2021. Will I have to wait to show this for the 2021 tax return if so how do I handle the sale of the property or will the program allow this on 2020 or 2021 to due the like kind with different years. Right now I am getting a critical but is has to do with the property given up was aquired 3 months earlier in a like kind. This will qualify as investment property as undeveloped commercial parcel. I hope i can override as it does qualify
thx
Michele
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1 Comment 1
George4Tacks
Level 15
05-28-2021
08:26 AM
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You always report the 1031 in the YEAR OF SALE. The fact the acquisition occurred in the next year is irrelevant, except in how you complete the 8824.
The "critical" is likely a warning that you can no longer do a 1031 on a car. It will not go away. Ignore it.
Answers are easy. Questions are hard!
