TaxGuyBill
Level 15
07-09-2020
01:17 PM
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@midwesttaxinc wrote:Seems like if the value of the received property qualifies as a partial 1031, the $284,600 shouldn't be taxed
That is where you are mistaken. Because the taxpayer received non-like-kind property (money), that is taxed first. And because the non-like-kind property (money) is over $284,600, all of the $284,600 is taxed.
