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- 1031 Exchange that spans two tax years.
1031 Exchange that spans two tax years.
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vaustincpa
Level 1
02-28-2022
10:03 PM
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My client just closed on a 1031 exchange yesterday but, because the exchange hadn't been completed by 12/31/21, the agent sent a 1099 - S with the retail value of the property given up, rather than a zero. Is this a problem? How should I prepare the tax return? Should I include a statement to the IRS? I've never had this si
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qbteachmt
Level 15
03-01-2022
03:05 PM
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If they are/were still in the timeframe for the exchange, and it hasn't failed, and they did not disburse the funds, then there is nothing to report for 2021.
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qbteachmt
Level 15
03-01-2022
03:15 PM
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Okay, I reread this and I think I misunderstood. I meant they should not have issued that form unless the TP has access to the funds or a portion of the funds were/will be released from the exchange which has not failed.
Not knowing any of the details, I would refer you to a resource such as:
https://assets.kpmg/content/dam/kpmg/us/pdf/2020/11/tnf-wnit-lke-nov2-2020.pdf
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
