CAN IT BE A 1031 EXCHNAGE IS THE REOLACEMENT PROPERTY COSTS $100,000 LESS THAT THE PROPERTY SOLD

Forum|Forum|6 years ago
December 7, 2019
3 replies
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Lacerte Tax

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Best answer by abctax55

Yes...but some/most/all of the realized gain may recognized and taxed.

abctax55Answer

Level 15

Yes...but some/most/all of the realized gain may recognized and taxed.

HumanKind... Be Both

Accountant-Man

Level 13

Sounds like $100,000 of boot, taxable to the extent there is at least $100,000 of gain.

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George4Tacks

Level 15

https://www.google.com/search?q=1031+worksheet will list many results. The first I see is a spreadsheet that could be very helpful, then second is a worksheet that will hopefully lead to the same result as the first. I use Tax Tools, but it costs some money (A very good investment). Do the worksheet and you will probably see at least some taxable income, but it is still a 1031, providing all the timing is correct.

You may be able to do some improvements on the replacement to reduce gain http://www.exeter1031.com/article_improvement_1031_exchanges.aspx

Answers are easy. Questions are hard!

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