The buyer of my rental property did the 1031 Exchange for their property.... me as the seller doesn't do anything different on MY taxes compared to selling any other rental property right?
Just making sure, coz on the rental section there's a part that asks if I sold or disposed of this property and then says "Do not check this box if the property was part of a like-kind exchange." ... well I wasn't doing the like-kind exchange, my buyer is, just not sure if the question is talking about me or the property itself.
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@Redan54 wrote:....there's a part that asks if I sold or disposed of this property and then says "Do not check this box if the property was part of a like-kind exchange."....
That particular question refers to whether you (as seller) did a 1031 exchange, not the buyer.
Therefore, it does not apply unless you exchanged your property for a replacement property in a like-kind exchange.
@Redan54 wrote:....there's a part that asks if I sold or disposed of this property and then says "Do not check this box if the property was part of a like-kind exchange."....
That particular question refers to whether you (as seller) did a 1031 exchange, not the buyer.
Therefore, it does not apply unless you exchanged your property for a replacement property in a like-kind exchange.
thx for the clarification, thought it was asking about myself but wanted to double-check in case it was asking about the property - coz the property is in a like-exchange transaction, but with buyer side, not me as the seller.
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