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I have a client who sold an apartment building. Using a

Customer Question
I have a client...

I have a client who sold an apartment building. Using a qualified intermediary, the proceeds were used to pay off the mortgage and invested is a DST (Deleware Statuary Trust). There was also debt acquired in the exchange. This is supposed to be a 1031 exchange but I cannot seem to figure out how to correctly book the transaction. GAAP financials are not being issued so I do not need to be concerned with a book to tax difference.

Accountant's Assistant: When was the property or asset sold?

In September 2017 New asset acquired in October 2017

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

I can provide figures. Part of the sale also transferred security deposits and partial rent collected for September. My main concern is recording the basis of the new asset correctly.

Submitted: 22 days ago.Category: Tax
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Customer reply replied 22 days ago
I have attached and excel file that shows what I have so far.
Answered in 10 hours by:
5/31/2018
Tax Professional: Mark Anderson, Tax Attorney replied 21 days ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 732
Experience: Tax attorney and accountant
Verified

You would probably want to debit the new asset (investment in DST) and credit the building to get it off your books.

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Customer reply replied 21 days ago
Is that your entire answer?
Tax Professional: Mark Anderson, Tax Attorney replied 21 days ago

Maybe another expert can help. I will opt out.

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Tax Professional: Mark Anderson, Tax Attorney replied 21 days ago

Here is some info to help you:

https://www.accountantforums.com/threads/commercial-rental-real-estate-1031-exchange.7525/

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