Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1031 Exchange reporting

KenW
Level 1

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

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
abctax55
Level 15

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.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"