@DianeW777
Good morning Diane,
Thank you for the confirmation in terms of removing the original asset line item. I also appreciate your notes around safekeeping the tax returns and supporting documentation - from the original relinquished property up until the final replacement property that is sold instead of being exchanged.
I do have another 1031 exchange question in regards to the relinquished property. Because the property is "exchanged" and not "sold", any remaining dollars tied to that property from loan refinance fees being expensed as an amortized line item are not released - at least not automatically. How best would it be to capture these expenses in the return?
Thanks,
Jamie
