Question
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.
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
