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A client of mine sold a hotel. After that he kept the deed
A client of mine sold a hotel. After that he kept the deed for one day and transferred the deed to a new corporation in which he is buying a new hotel. Can he do a 1031 in the old corporation and file… read more
PDtax
PDtax
Owner
Master's Degree
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What are journal entries for 1031 like-kind exchange,
what are journal entries for 1031 like-kind exchange … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Questions on a 1031 - exchange Do we need to have an QI
questions on a 1031 - exchange Do we need to have an QI always ? what are the paper work i am suppose to keep just in case the IRS comes back with an Audit. Do we prapare the return and send it waitin… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Need to determine whether to record 1031 exchange on the
Need to determine whether to record 1031 exchange on the books using tax basis or GAAP basis. In this instance an existing partnership sold real estate (4 million) and then created a new LLC to purcha… read more
Mark Taylor
Mark Taylor
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Delaware Statutory Trust: 1031 Exchange Robin, I need your
Delaware Statutory Trust: 1031 ExchangeHi Robin,Good morning,I need your help with this, I have a client that wants to do a "Delaware Statutory Trust: 1031 Exchange". How does it work? How soon do the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I sold my apartment building for $2.3 million and netted
I sold my apartment building for $2.3 million and netted $2.1 after closing cost. I took 600k and purchased a new condo which I have rented out and qualified for a 1031 exchange. I had a intermediary … read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I sold my apartment building for $2.3 million and netted
I sold my apartment building for $2.3 million and netted $2.1 after closing cost. I took 600k and purchased a new condo which I have rented out and qualified for a 1031 exchange. I had a intermediary … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC FOR A LARGE GAIN. PURCHASED ANOTHER RENTAL IN A SECTION 1031 EXCHANGE AND NEED SOME HELP IN ACCOUNTING FOR IT… read more
Tax-Scholar
Tax-Scholar
Manager
Bachelor's Degree
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I sold a apartment building for approximately 2.3 million
i sold a apartment building for approximately 2.3 million dollars. I netted after expenses 2.1 million. I took 650k and purchased another rental (1031 like kind exchange) My questions are as follows: … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I have to make entries in an LLC 1031 exchange. I'm not
I have to make entries in an LLC for a 1031 exchange. I'm not concerned about GAAP, but I would like the books to represent the exchange properly for tax purposes only. I don't have the exact numbers … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
An LLC acquired 55 acres and divided into 7 tracts. One of
An LLC acquired 55 acres and divided into 7 tracts. One of the tracts will be traded to a difference LLC in exchange for building a road within the 55 acres. Does this qualify for like kind exchange t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset re
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset received. Boot will be recognized for tax purposes. I need help with journal entry to record value of replacemen… read more
PDtax
PDtax
Owner
Master's Degree
9,540 satisfied customers
How do I fill out a Like-kind Exchange Accounting book?
I need help with a journal entry - 1031 exchange with no cash involved. Sold prop A and it was on the books at $100.00 with accum depre of $50.00. Bought property appraised at $300.00, costs on sale o… read more
taxmanrog
taxmanrog
Master's Degree
2,960 satisfied customers
A friend of mine just sold his apartment building, in Massachusetts,
A friend of mine just sold his apartment building, in Massachusetts, for 1,000,000.00. His capital gains amounts to approx 460,000.00. The questions are, 1) How long does he have to invest the 460K be… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
i purchase some ranch land many years ago. At what rate will
i purchase some ranch land many years ago. At what rate will I be taxed on the profits? If I sell it can I roll over some of the profit into another smaller tract of land, can I exempt that from the p… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Im trying to figure out what my former CPA did. This apartment
I'm trying to figure out what my former CPA did. This apartment complex was funded for purchase with 1031 exchange monies, monies from me, and monies from an entity (A) that owns the apartments via a … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
We just sold out apartment building last week which we had ...
We just sold out apartment building last week which we had for 20ys. Is it true that we have 6 months to re-invest into another rental in order NOT to pay the capital gains? & also that the check that… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
I SOLD A RENTAL HOUSE IN APRIL 2005 FOR $119K. I RECEIVED ...
I SOLD A RENTAL HOUSE IN APRIL 2005 FOR $119K. I RECEIVED CASH AT CLOSING. I BOUGHT LAND TO BUILD A NEW RENTAL HOUSE JUNE 2005 FOR $29,900. I CLOSED ON A C0NSTRUCTION LOAN OF $140,000 TO BUILD THE NEW… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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