Gifted 1031 Exchange properties are tricky business. Though some may consider it a cop-out, the best mode of action is to discuss this with your CPA or attorney. Your question contains specific detail that could lead to answer in either direction. Because of this, it is much better to discuss your situation with your CPA or attorney. Better safe than sorry.
1031 Exchange Information Blog
1031 Exchange Blog
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- When a 1031 Exchange property is gifted in the latter part of a tax year (i.e., more than 6 months into the year) which party claims the investment property (and associated income and deductions) on their tax return? Can this be determined by agreement between the parties or this determined by IRS guidelines?
- if I were to do a 1031 exchange on my property, current value 650000 for another property with the same value in a different county, would I be able to keep my property taxes at the base that I am currently paying of about 1100 a year?
- Can I 1031 Exchange with a property in Canada?
- Can I do a simultaneous 1031 Exchange?
- What is the cheapest 1031 Exchange?
- I closed on an investment property and did not know that I needed to give the proceeds from the sale to a third party, before looking for a like property. I did not cash the check yet. Is there any way I can still do this?
- Just one question, Can I (non-citizens with visa B1) make business in Real State using the 1031 rule exchange?
- If my replacement property cost is $50,000 less than my relingquished property would I still qualify and pay capital gains on just the $50,000? and if there is a difference in cost bassis that results in boot would the above example apply to this as well?
- I recently sold a piece of property and did not do a 1031 can I still qualify? Can you help me with my problem?
- How many 1031 Exchanges can I do in a single year?
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