1031 Exchange backup
Level 2

1031 Exchange backup

Just got finished with an audit of a 2015 1031 exchange.

Apparently, when the return says Self-Prepared, along with an exchange, the taxpayer is like shark bait for Auditors.

Be sure and keep all depreciation schedules and exchange information forever; we got a request for the schedules from 2004, which was also a 1031 exchange into property in question.

I had the 2015 exchange computations done by my CPA when it was originally filed, so I was able to provide  the complicated documentation.  The 2004 data had to be reconstructed by my CPA, big $$$$ for time.

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