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#1
02-03-2005, 07:22 PM
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 Re: 1031 Exchange Questions Tex Shalter wrote: - quote - > With sound advice I received from this forum I set up a 1031
increase the purchase price of property and write in> Exchange for some real estate. > I recently sold rental property and am about to close on a > similar real estate. > The new property will not use up all the funds set up in the > Exchange account. I spoke with an IRS agent and she told me > there is no way to keep from paying taxes on the remainder. > I was hoping to do some repairs to the new property and > somehow use the 1031 fund to pay those costs. ( all within > the 180 day limit) > Was I told correct? I have heard that often the IRS agents > give incorrect info - so I want to hear it from another > source. That is, I can only use the actual figures from > closing statements as costs for either property. I incurred > costs for repairs, improvements, property taxes on old > property and would like to be able to add those into the > cost of first piece. contract that it is sellers obligation to do the improvments just my thought . I'm sure IRS won't like it << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-03-2005, 06:06 PM
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| Re: 1031 Exchange Questions "Tex Shalter" <anon.x[at]anon.invalid> wrote: - quote - > With sound advice I received from this forum I set up a 1031
Off the top of my head (because I would never research this> Exchange for some real estate. > I recently sold rental property and am about to close on a > similar real estate. > The new property will not use up all the funds set up in the > Exchange account. I spoke with an IRS agent and she told me > there is no way to keep from paying taxes on the remainder. > I was hoping to do some repairs to the new property and > somehow use the 1031 fund to pay those costs. ( all within > the 180 day limit) > Was I told correct? I have heard that often the IRS agents > give incorrect info - so I want to hear it from another > source. That is, I can only use the actual figures from > closing statements as costs for either property. I incurred > costs for repairs, improvements, property taxes on old > property and would like to be able to add those into the > cost of first piece. for free) I believe the ability to do what you propose only works on a REVERSE 1031 exchange. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-02-2005, 07:21 PM
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| 1031 Exchange Questions With sound advice I received from this forum I set up a 1031 Exchange for some real estate. I recently sold rental property and am about to close on a similar real estate. The new property will not use up all the funds set up in the Exchange account. I spoke with an IRS agent and she told me there is no way to keep from paying taxes on the remainder. I was hoping to do some repairs to the new property and somehow use the 1031 fund to pay those costs. ( all within the 180 day limit) Was I told correct? I have heard that often the IRS agents give incorrect info - so I want to hear it from another source. That is, I can only use the actual figures from closing statements as costs for either property. I incurred costs for repairs, improvements, property taxes on old property and would like to be able to add those into the cost of first piece. Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1031, exchange, questions |
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