Discussion:Like Kind Exchanges
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| Revision as of 15:35, 3 February 2009 RoyDaleOne (Talk | contribs) (I agree that, yo) ← Previous diff |
Current revision Taxtamer (Talk | contribs) (Agree. Absent p) |
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| {{ForumReplyPost|UserID=RoyDaleOne|Date=3 February 2009|Text=I agree that, you need tenants in common for the exchange. Hope Vahid knows, or is this a homework problem?}} | {{ForumReplyPost|UserID=RoyDaleOne|Date=3 February 2009|Text=I agree that, you need tenants in common for the exchange. Hope Vahid knows, or is this a homework problem?}} | ||
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| + | {{ForumReplyPost|UserID=Taxtamer|Date=4 February 2009|Text=Agree. Absent partnership dissolution & TIC ownership of property prior to the exchange, it ain't gonna fly.}} | ||
Current revision
Discussion Forum Index --> Advanced Tax Questions --> Like Kind Exchanges
Discussion Forum Index --> Tax Questions --> Like Kind Exchanges
| 1 February 2009 | |
| Hi, I am trying to find a comprehensive example of reporting of a like kind exchange in a partnership with two partners in which one partner decides to cash out. Specifically, I am looking for an example of such a transaction using a real closing document for sale of the property and subsequent replacement of that property with new property with new debt and payoff of old debt, reporting the transaction on the books and determination of realized and recognized gain and calculation of basis of acquired property and overall reporting this transaction on Fom 8824 and allocation of realized and recognized gains to the exchanging partner and the cashing partner. | |
RoyDaleOne (talk|edits) said: | 2 February 2009 |
| First, dissolve the partnership books into two set of books, one for each partner.
Second, divide the amounts from the closing statement in half. Third, record the amounts from step two for each partner in their respective books. | |
| 3 February 2009 | |
| This would probably work for property owned by tenants in common. Not sure that it would work for a partnership. | |
RoyDaleOne (talk|edits) said: | 3 February 2009 |
| I agree that, you need tenants in common for the exchange. Hope Vahid knows, or is this a homework problem? | |
| 4 February 2009 | |
| Agree. Absent partnership dissolution & TIC ownership of property prior to the exchange, it ain't gonna fly. | |
