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A
ANCHORHOPE
Level 2
February 19, 2021
Question

1031 deferred exchange question

  • February 19, 2021
  • 3 replies
  • 12 views

Regarding a 1031 deferred exchange, if the replacement property is less value than the relinquished property.  The difference in FMV is recognized capital gain but what about the selling expense, does it reduce the recognized gain or the realized gain.  Please advise?

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3 replies

sjrcpa
sjrcpa
Level 15
February 19, 2021

Both I think. What does the software do?

The more I know the more I don’t know.
    George4Tacks
    George4Tacks
    Level 15
    February 19, 2021

    There are a number of 1031 worksheets out there, work through one before attempting to file the return. Here is one  https://www.1031.us/gainscalculation/

     

     

    Answers are easy. Questions are hard!
      A
      ANCHORHOPEAuthor
      Level 2
      February 19, 2021

      Thank you for the link you sent me. Very useful and very informative.

       

      abctax55
      abctax55
      Level 15
      February 19, 2021

      And don't forget that wonderful "swiss army knife" for tax pros:

      TaxTools software by CFS.

      They have a 1031 exchange module that's good (like the rest of their stuff).

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