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Old 09-28-2015, 12:32 PM
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when is income recognized

1031 exchange occurred in December of 2014. new property purchased within required time in 2015 for a lesser amount. When is the income recognized-in 2014 or 2015?



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Old 09-28-2015, 03:51 PM
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Originally Posted by RUBI1502 View Post
1031 exchange occurred in December of 2014. new property purchased within required time in 2015 for a lesser amount. When is the income recognized-in 2014 or 2015?
On your 2015 return; If you had a taxable gain from your 1031 Exchange, this means you probably received unequal value, boot , from the proceeds of the property you sold. These funds are considered taxable and are included as income in your yearly tax filing



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