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  • 1.  1031 ELECTION

    Silver Most Valuable Member
    Posted 09-30-2016 11:59 AM

    I am preparing a 1040 on extension till 10/15. The taxpayer informed me that he engaged in a 1031 exchange. This is new to me. Does anyone have information as to the filing requirements for the 2015 form 1040.



  • 2.  RE: 1031 ELECTION

    Bronze Most Valuable Member
    Posted 09-30-2016 12:02 PM

    Barry

    start with this--it will guide you

    https://www.irs.gov/pub/irs-pdf/i8824.pdf

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    Scott Sanders
    SANDERS THALER VIOLA & KATZ, LLP
    Jericho NY



  • 3.  RE: 1031 ELECTION

    Platinum Most Valuable Member
    Posted 09-30-2016 01:11 PM

    Barry

    first thing, and let others comment....

    i do not believe  that the tax free treatment will be dependent on your filing timely. , but rather on the merits on how he deal was done... 

    you need the QI  as well as the title company's report. The closing and purchase documentation and you are on your way.

    second thing,

    Describe the deal....   was it a straightforward 1031.  Or was there a partnership division of owners 

    If it is not a mix and match of Properties, entities and owners, i have a template to follow which you may find helpful.

    it amazes me that your client  would do this without consulting you first. 

    let me know if you need the template

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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY



  • 4.  RE: 1031 ELECTION

    Posted 10-01-2016 01:02 AM

    If it was real property exchanged, the exchanger's tax return must append Form 8824.

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    Matthew E. Rappaport, Esq., LL.M.
    (516) 558-3377
    mer@merlawfirm.com



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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.