Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- REVERSE 1031 SPLIT OVER 2023 AND 2024 Reported in 2024? Who reports activity of replacement property prior to exchange?
REVERSE 1031 SPLIT OVER 2023 AND 2024 Reported in 2024? Who reports activity of replacement property prior to exchange?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
pkellycpa
Level 5
4 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Replacement property purchased 10/1/2023. Rental property currently operating.
Disposed property sold March 1, 2024 and exchange completed.
Who reports the activity of the replacement property October to February?
8824 filed 2023 or 2024?
Disposed property sold March 1, 2024 and exchange completed.
Who reports the activity of the replacement property October to February?
8824 filed 2023 or 2024?
Labels
1 Comment 1
dascpa
Level 11
4 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If legal title was to the new owner in 2023 then the new owner reports the rental revenue and expenses until 12/31/23 and then full year 2024. The only thing the 2024 1031 was to do is - see next paragraph.
The basis for depreciation would be reduced in 2023 for the gain deferral even though the deferral didn't happen until 2024. If you don't have the like-kind exchange numbers worked out, put on extension.
