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MCWinters
Level 3
March 1, 2020
Question

1031 Exchange Refund of undistributed escrow

  • March 1, 2020
  • 14 replies
  • 61 views

I have a client who completed a 1031 Exchange at the end of 2018 (sold one property and identified and purchased a single replacement) .  In 2019, they received a small refund of funds that were not distributed in their 1031 Escrow account.  The total is approximately $1,600.  I am not sure how to record this on the 1065.

Can anyone point me in the right direction.

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14 replies

abctax55
abctax55
Level 15
March 1, 2020

It sounds like boot to me, unless it's a return of cash your client put into the escrows.

HumanKind... Be Both
    MCWintersAuthor
    Level 3
    March 7, 2020

    I agree that it sounds like boot, I can't come up with anyway that it wouldn't be.  But I am not sure how to record this on the tax return.  The 1031 was completed on the 2018 Return.  Where would I put this on the 2019?

    Thanks for the guidance.

    abctax55
    abctax55
    Level 15
    March 7, 2020

    If it IS boot, then it will be part of the recognized gain.

    HumanKind... Be Both
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