What would be the cost basis if you wanted to sell property after 1031 exchange? in a 1031 exchange, 3 properties were acquired. One property is about to be sold. Would the cost basis be the cost when asset was acquired in the exchange? If not, which would it be?
-
-
Look at line 25 of Form 8824 in the year of the 1031 Exchange. That will show the total Basis. Because three properties were acquired, I think there should be an attachment that details the three properties. In the event it is missing, you allocate line 25 of the 8824 between the properties, based on the FMV of each one at that time.
Comment