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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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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
