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?
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).
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