How to move forward in like-kind exchange when I am asked for 1250, 1245 or intangible property? Red letters say must enter numbers that = basis of new property?
How to move forward in like-kind exchange when I am asked for 1250, 1245 or intangible property? Red letters say must enter numbers that = basis of new property?
1031 under the current tax laws only applies to real property (not held primarily for sale) so for there to be no 1250 or 1245 depreciation, you must have traded non-depreciable real property.
for a fuller definition of what is real property is IRS REG1.1031-(a) (3)