At the time the 1031 took place. I thought that it would be good since it was some rentals he had owned for several years and thought he would keep these he exchanged but he saw a good deal and turned them right over. Ugh. So it looks like it should be long term capital gains on the deferred and short term on the money he made on the newly aquired. Just getting it all to show in the program since the deferred is lumped into the property received.

the other the program or irs I don’t know which won’t allow for an electronic return when you are reporting installment interest under an EIN. It will only take a Ssn. I really don’t believe he qualifies for installment status. I think he would be classified as a dealer real estate professional and they I don’t believe qualify for installment sales.

what a headache.

michele