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1031 Exchange reporting
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KenW
Level 1
03-30-2020
10:42 AM
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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
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abctax55
Level 15
03-30-2020
10:48 AM
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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
