1031 Exchange Information Blog

1031 Exchange Blog

January 15th, 2012 at 10:31 am

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?

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.

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