Like Kind Property

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  • JT2307
    Senior Member
    • Jan 2009
    • 105
    #1

    Like Kind Property

    I have a client in process of like kind exchange thru intermediary - thinking ahead does the deferred gain on the property he is selling get added to basis of the one he is buying? or does the gain get reported when he sells the new property.?
    I will be taking a few courses before tax season to refresh my memory.

    But thank you for the help.

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    • New York Enrolled Agent
      Senior Member
      • Nov 2006
      • 1533
      #2
      Originally posted by JT2307
      I have a client in process of like kind exchange thru intermediary - thinking ahead does the deferred gain on the property he is selling get added to basis of the one he is buying? or does the gain get reported when he sells the new property.?
      I will be taking a few courses before tax season to refresh my memory.

      But thank you for the help.
      Have you worked through a Form 8824 with your numbers?

        Comment

        • JT2307
          Senior Member
          • Jan 2009
          • 105
          #3
          Not yet. He is bringing numbers to me on wednesday.

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Originally posted by JT2307
              I have a client in process of like kind exchange thru intermediary - thinking ahead does the deferred gain on the property he is selling get added to basis of the one he is buying? or does the gain get reported when he sells the new property.?
              I will be taking a few courses before tax season to refresh my memory.

              But thank you for the help.
              Doesn't the deferred profit get SUBTRACTED from the new home basis?
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

                Comment

                • JT2307
                  Senior Member
                  • Jan 2009
                  • 105
                  #5
                  Yes subtracted not added. I am clear on where the numbers are going now.....

                    Comment

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