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#2
07-05-2004, 02:49 PM
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 Re: Accounting for the deferred gain "Eunice Kim" <daltting[at]hanmail.net> wrote: - quote - > I'm confused about treating the deferred gain between the
IIRC, you have 180 days to acquire a replacement property.> events of 1031 exchange. My client bought a property for 3M > and exchanged it with a properted valued 7M. How do I > present the difference 4M in tax return? Sales occured in > 2003 but purchase of similar asset didn't occur yet. > My assumption is that I put aside the 4M as a part of > unrealized capital. Is this a right treatment? > Please help me out. Thank you very much. If the sale of the old property occurred in 2003, then seeing as it is now July of 2004 and purchase of similar asset hasn't occurred yet, isn't it too late to consider this a 1031 exchange? Your assessment of the economic treatment is correct though. -- David M. Woods, EA www.woods-financial.com Norwood, MA 02062 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-05-2004, 01:52 PM
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| Re: Accounting for the deferred gain Eunice Kim wrote: - quote - > I'm confused about treating the deferred gain between the
If it were truly a 1031 exchange, then the accommodater> events of 1031 exchange. My client bought a property for 3M > and exchanged it with a properted valued 7M. How do I > present the difference 4M in tax return? Sales occured in > 2003 but purchase of similar asset didn't occur yet. > My assumption is that I put aside the 4M as a part of > unrealized capital. Is this a right treatment? should have provided the necessary figures. And what means "purchase of similar asset didn't occur yet"? Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-05-2004, 01:33 PM
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| Re: Accounting for the deferred gain - quote - > I'm confused about treating the deferred gain between the
I'm not a Starker expert, but do you still have time to do> events of 1031 exchange. My client bought a property for 3M > and exchanged it with a properted valued 7M. How do I > present the difference 4M in tax return? Sales occured in > 2003 but purchase of similar asset didn't occur yet. the exchange? Helen, EA in PA 50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure October 1 to October 3, 2004 Donate on-line at www.msandyou.org << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-02-2004, 06:13 PM
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| Accounting for the deferred gain I'm confused about treating the deferred gain between the events of 1031 exchange. My client bought a property for 3M and exchanged it with a properted valued 7M. How do I present the difference 4M in tax return? Sales occured in 2003 but purchase of similar asset didn't occur yet. My assumption is that I put aside the 4M as a part of unrealized capital. Is this a right treatment? Please help me out. Thank you very much. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| accounting, deferred, gain |
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