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R
RNeilson
Level 3
March 11, 2021
Question

1031 Exchange form

  • March 11, 2021
  • 1 reply
  • 17 views

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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1 reply

qbteachmt
qbteachmt
Level 15
March 11, 2021

"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?

Don't yell at us; we're volunteers
R
RNeilsonAuthor
Level 3
March 12, 2021

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.

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