I had a 1031 exchange and purchased three stores. One renter as gone bankrupt and that store is now worthless. Does that create a Capital loss? The store cannot be rented. Are there special rules when selling/disposing 1031 property.
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Worthless? He can't even sell it for a minimal amount? -
You need to adjust basis by the rollover gain and then give property to the local town and take a LT loss. Abandonment is a way of making it go away for tax purposes.Last edited by BOB W; 03-11-2024, 07:44 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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