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Individual - Closed Partnership With $203,000 Ending Capital. I Did Not Do The 1065. Withdrew Bare Land. Then Did 1031 Exchange For 4...
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

Assuming that the land was a capital or 1231 asset; that it was the only property distributed; and that section 751 does not apply to the distribution...then generally the land would take a basis equal to your...   Read More
Sale Of 1031 Exchange Real Estate
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You would pay tax on the gain over your purchase price which is your cost basis. However, what you have described is not s Sec 1031. If the property was a qualified Sec 1031 exchange, your basis would be the...   Read More
For US Taxes, In Practice, Can One Execute A Tax Free Exchange (1031) Of Rental Residential Property Which Is Located Outside The US?
User Photo Brian Weaver
Tax Professional Level: Tax Enthusiast

No, foreign property is not like-kind to United States-based property which only includes the 50 states and the District of Columbia. (IRC §1031(h) and §7701(a)(9)). Also, property located in other U.S....   Read More
Is It True That Congress Is Moving To Repeal The Tax Law Under I.R.C. § 1031 Governing Like-Kind Exchanges?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, recently on February 26, 2014, the House Ways & Means Committee Chairman Dave Camp released a Discussion Draft of his Comprehensive Tax Reform Proposal. The Discussion Draft does indeed propose a...   Read More
How Many Total Years Do You Need To Own A Home To Sell It Under A 1031 Exchange. The Least Amount Of Years Rented Vs. Rented.
User Photo William Keats
Tax Professional Level: Master Tax Advisor

I know of no specific number of years you need to own the rental property in order to sell it under a Sec. 1031 exchange for other like-kind property. Real property is generally of like kind if they are of the...   Read More
How Is The Capital Gains Tax Computed On An Office Building That Was Sold That Was Used To Rent Office Space And Was Originally Purchased...
User Photo JEANIE PITNER
Tax Professional Level: Tax Enthusiast

This is one of those questions that needs more questions and answers. 1. In the first part of the question it appears that she was renting out the 2 building as office space. 2. If this is the case the office...   Read More
What Is A 1031 Tax Deferred Exchange?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

A 1031 Tax-Deferred Exchange (TDF) is the exchange of one type of business or investment property for a like-kind of business or investment property. It cannot include property for sale to customers or property...   Read More
What Are The Benefits Of Doing A 1031 Tax Deferred Exchange Versus A Sale?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

In a sale of the property, any gain on the sale would be taxed. In an exchange, the tax is deferred until such time the acquired property is sold.   Read More


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