Wednesday, February 16, 2011
Your questions about what is a 1031 exchange proceeds
Mark asks…How is a 1031 exchange of residential property accted & reported to the IRS? sale, deprec., and improvements?The original property was sold at a gain, but I was advised that all proceeds had to be rolled iinto the exchange-what happens to gain, basis, improvements etc.?admin answers:In a like kind exchange, no gain is currently recognized and your basis in the original property will roll over to the new property you received in exchange. However, if you received something else in addition to the new property (i.e. you gave up
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