1031 Exchange tax

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Link to the March 2008 article in the CPA Journal, “Twenty Questions Answered in the Acquisition/Disposition of Business” (noting Q&A #4 and #6 addresses exchanges).

 

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Article Concerning Regulations

In connection with elder planning (as addressed in Q&A #20 of the cover story article in the May 2004 CPA Journal)

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Tenant in Common Interest - Revenue Procedure 2002-22

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1031 exchanges

 

Exchange Calculation Worksheet

[Print version]


 

A. ADJUSTED TAX BASIS OF PROPERTY RELINQUISHED

 

1. Cost of original property relinquished

$                                         

2. Accumulated depreciation

$                                         

3. Adjusted basis of property conveyed (line 1 less line 2)

$                                         

B. REALIZED GAIN

 

4. Fair market value of property received

$                                         

5. Cash received

$                                         

6. Fair market value of other boot received

$                                         

7. Mortgage balance on property relinquished

$                                         

8. Total consideration received (sum of lines 4 through 7)

$                                         

LESS

 

9. Adjusted basis of property relinquished (line 3)

$                                         

10. Cash given

$                                         

11. Adjusted basis of other boot relinquished

$                                         

12. Mortgage incurred on property received

$                                         

13. "Out of pocket" exchange related expenses paid

$                                         

14. Total consideration given ( sum of line 9 through 13 )

$                                         

15. Gain realized on exchange ( line 8 less line 14 )

$                                         

C. RECOGNIZED GAIN

 

CASH AND BOOT

 

16. Cash and other boot received ( sum of lines 5 and 6 )

$                                         

17. Cash and other boot relinquished ( sum of lines 10 and 11 )

$                                         

18. Exchange expenses paid ( line13 )

$                                         

19. Net cash and other boot received ( line 16 less line 17 and 18 ) or paid , if negative

$                                         

MORTGAGE RELIEF

 

20. Mortgage on property relinquished (line 7)

$                                         

21. Mortgage incurred on property received ( line 12 )

$                                         

22. Net Mortgage relief ( line 20 less line 21; if less than zero, enter "0")

$                                         

23. Gain recognized ( line 19 plus line 22; line 23 cannot exceed line 15; if negative, enter "0")

$                                         

D. ADJUSTED BASIS OF NEW PROPERTY

 

24. Adjusted basis of property relinquished ( line 3 )

$                                         

25. Cash and other boot conveyed ( line 17 )

$                                         

26. Mortgage incurred on property received ( line 12 )

$                                         

27. Total ( sum of lines 24 through 26 )

$                                         

28. Cash and other boot received ( line 16 )

$                                         

29. Mortgage on property relinquished ( line 7 )

$                                         

30. Total ( sum of lines 28 and 29 )

$                                         

31. Line 27 less line 30

$                                         

32. Gain recognized on exchange ( line 23 )

$                                         

33. Exchange expenses paid ( line 13 )

$                                         

34. Adjusted basis of new property ( sum of lines 31 through 33 )

$                                         


 
YOUR 1031 EXCHANGE RESOURCE
 
©All Rights Reserved 2014
 
AUTHOR: PETER A. KARL III

(315) 735-6481

pak@attorney-cpa.com


 
 WEBMASTER: KELLY KOHL

 

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