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Level 1
April 22, 2021
Question

Where / how to input a Sec 721 Upreit. This is a tax free purchase of an existing property in Sch E by a REIT, which now issues a K1. This is not a Sec 1031 exchange, but a Sec 721 Upreit.

  • April 22, 2021
  • 1 reply
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Where / how to input a Sec 721 Upreit. This is a tax free purchase of an existing property in Sch E by a REIT, which now issues a K1.  This is not a Sec 1031 exchange, but a Sec 721 Upreit.

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1 reply

sjrcpa
Level 15
April 23, 2021

Isn't it really a contribution to the REIT in exchange for an ownership interest?

The more I know the more I don’t know.
sjrcpa
Level 15
April 23, 2021

Stop reporting as a rental property as of the date of transfer. For depreciation purposes, enter a disposition date but no sale price.

The more I know the more I don’t know.