99mtamchamp
Level 2

Have a question about 1031 exchange.  I haven't seen a lot of these in 35 years (maybe 2 or 3 and non since using Proconnect).  I have a single member LLC client who is a Veterinarian.  He sold his practice and his building as separate transactions. He did all of this pretty much on his own.. as far as going through1031exchange company.  The basics sale of the building was 565k with 60k down.  The rest is a note that is interest only with the balance of the principle will be paid in 2022.  The purchase price of the 1031 exchange property is a total of 255k. I'm looking for some suggestions on properly inputting in Proconnect. Also, if anyone could let me know what the end result of this would be (Gain...deferred gain).  cost of the sold property is 219k with 206k accumulation. depreciation. Any advice would be greatly appreciated. Thanks

 

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