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1031 deferred exchange question

ANCHORHOPE
Level 1

Regarding a 1031 deferred exchange, if the replacement property is less value than the relinquished property.  The difference in FMV is recognized capital gain but what about the selling expense, does it reduce the recognized gain or the realized gain.  Please advise?

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4 Replies 4
sjrcpa
Level 15

Both I think. What does the software do?


ex-AllStar
George4Tacks
Level 15

There are a number of 1031 worksheets out there, work through one before attempting to file the return. Here is one  https://www.1031.us/gainscalculation/

 

 


ex-AllStar
ANCHORHOPE
Level 1

Thank you for the link you sent me. Very useful and very informative.

 

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abctax55
Level 15

And don't forget that wonderful "swiss army knife" for tax pros:

TaxTools software by CFS.

They have a 1031 exchange module that's good (like the rest of their stuff).

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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