AmyC
Expert Alumni

Investors & landlords

1. Yes, the carryover moves.

2. Hopefully you went through a 1031 agent to do all the paperwork correctly. A purchase and sale does not an exchange make. Like-Kind Exchanges Under IRC Section 1031 - IRS states: 

To qualify as a Section 1031 exchange, a deferred exchange must be distinguished from the case of a taxpayer simply selling one property and using the proceeds to purchase another property (which is a taxable transaction).

3. You paid for the land from the old property and any gain or loss would be added to the basis of the new property despite not having land. You will not do a sch D for sale of land, it goes into the new property.

 

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