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Updated 12 months ago, 01/23/2024
1031 exchange and irs form 8824
irs rules for a 1031 exchange are the most convoluted in the entire tax code, IMHO. Nobody "exchanges" a property and a mortgage for another property and mortgage, its usually always sell and buy or buy and sell. The most frustrating part is they do not allow any "fixup" expenses, yet almost everybody fixes up their property before they sell. How do you report fixup expenses?