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Discussion Forum Index --> Tax Questions --> Tax free exchange
Labajan (talk|edits) said:
| 13 February 2006
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| I have 2 pieces of investment land, bought in 2004 and 2005. I want to sell the 2004 piece. Is there a way to roll the gain into the 2006 piece?
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WESR (talk|edits) said:
| 15 February 2006
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| hi you cannot sell and roll, you can do a like kind exchange and not cash out any money. sorry need to be brief. bye
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Strowe (talk|edits) said:
| 25 April 2007
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| Partner and I disagree on treatment of 1031, seeking third opinion. Given FMV 310, basis 165. Received FMV 270. Upon sale of given property, debt of 130 paid off. Required cash contribution to close 90. I say received property basis is 125 (165 + 90 - 130). Partner says received property basis is 255 (165 + 90). Which is right and why?
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PVVCPA (talk|edits) said:
| April 25, 2007
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Neither is right. 165
- Gain realized 145 (310 - 165)
- Gain recognized 40 (130 - 90)
- Deferred gain 105 (145 - 40)
- Basis 165 (270 - 105)
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