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- 1031 One property for two. Exchanged property had a gain of $900K and sold for $1225k. The two new properties are worth $1885K in total.
1031 One property for two. Exchanged property had a gain of $900K and sold for $1225k. The two new properties are worth $1885K in total.
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chapguy19
Level 4
05-23-2024
07:23 PM
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Is there anything to do with the $900K gain from the initial property? They made up the difference between Prop A gain from the sold property and Property B & C, the acquired properties.
It gets more squirrelly.
Now my client wants to sell one of the properties that will have a $50K FMV gain.
Do a apportion the gain from the initial 1031 exchange based on the two FMVs of the acquired properties?
Thanks in advance, Christopher
It gets more squirrelly.
Now my client wants to sell one of the properties that will have a $50K FMV gain.
Do a apportion the gain from the initial 1031 exchange based on the two FMVs of the acquired properties?
Thanks in advance, Christopher
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2 Comments 2
Accountant-Man
Level 13
05-24-2024
02:08 PM
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Apportion the deferred gain from the initial 1031 exchange based on the two FMVs of the acquired properties as of their acquisition dates.
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abctax55
Level 15
05-24-2024
03:07 PM
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CFS Tax Tools has a *great* worksheet for working thru § 1031 exchange reporting.
There are also various tools on-line.
It is highly doubtful PS is overly useful for determining the correct reporting ( Lacerte isn't).
I work up the F 8824 (edited) manually first, with pencil/paper, to get all the numbers correct; you should do the same.
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