if 1031 exchange and sale of the new property happened in one tax year, do i need to process form 8824

Forum|Forum|5 years ago
July 19, 2021
10 replies
41 views

1031 exchange and sale of the new property happened in one tax year, do i need to process form 8824. technicly do i eve need to do exchange in the tax return or do sch D for first and second property

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abctax55

Level 15

If the transaction really WAS a §1031 exchange, just using Sch D won't defer the gain.

So, "technically" yes, you need to do the F 8824 in the year the exchange originated.

HumanKind... Be Both

S

SKukuryakAuthor

Level 2

thank you, that is what i was thinking, eventhou technically second sale waived 1031 benefits

Just-Lisa-Now-

Intuit Community Champion

Just selling and buying another property in the same year isnt a 1031 exchange.

If you have a true 1031, you should see some paperwork from the intermediary that handled the money for the exchange.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

PATAX

Level 12

@Just-Lisa-Now- @abctax55 I think many taxpayers really do not understand the formalities, rules, and complexities with this Exchange... They think they can just claim it and everything is okay...

abctax55

Level 15

@PATAX - I agree...but @SKukuryak is a tax professional right, since s/he is posting in a tax professional forum. Correct???

HumanKind... Be Both

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