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Updated almost 7 years ago,

User Stats

31
Posts
1
Votes
Chris Modzeleski
  • Landlord
  • Kansas City MO
1
Votes |
31
Posts

1031 Income Tax Reporting Question

Chris Modzeleski
  • Landlord
  • Kansas City MO
Posted

I completed a 1031 exchange in 2017 and received some cash boot from the exchange. My accountant can't figure out if, in addition to Form 8824, we also need to file Form 4797 for this.  The main area of concern is how lines 20-26g on the 4797 don't seem to have any provision for the deferred gain that is the whole point of the exchange, so when filled out it seems to show the whole gain as taxable capital gains.  Any advice from the CPA's on here would be greatly appreciated!

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