Yes, here is the advice for each question.
Loan Fees:
- Yes, you can track them separately. It can be easier with a like kind exchange, you want the easiest method that works for you and still maintains the integrity of the assets cost basis.
- Yes the refinance costs are being amortized over the life of the loan (not the asset recovery period of 39 years) from the date of refinance and it is the correct action to retain the amortization. These will NOT be included as part of the cost basis, but will continue on as though you never exchanged the property.
Partnership LLC:
- Holding period dictates the gain as either ordinary or capital gain. From the date the property was acquired until the date of sale would make the determination. The land would be long term, while the spec house would likely be short term. The spec house would have to be completed and held for more than one year to have a long term holding period.
- You must determine the holding periods and then enter each portion appropriately in short term or long term.
- Yes.
- Yes.
- Yes.
- Yes. The only time you would answer 'No' is if you had funds you used that you were not responsible for such as money from a parent or sibling that you were not obligated to repay.
@jamie-m-todd
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