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Re: IRS Audit of 1031 exchange

Did they elaborate on what they meant by business? How and what are they defining as a business?

Posted to Real Estate Tax Issues (Forum) by Bill Exeter on 08-08-2008
Re: Audits

First, did your parents live in the properties? Were they held as rental or for investment? What position is the IRS taking? Why are they disallowing the 1031 exchange? Second, liability depends on many factors, but if you relied upon their advice and you have been harmed, you may have a case. You are...

Posted to Real Estate Tax Issues (Forum) by Bill Exeter on 08-07-2008
1031 Exchange Audit

My parents sold a retirement home. They did a 1031 in a retirement homes being built. The IRS are saying that it isn't a 1031. We really trusted the company and the lawyers that they used. Are they not responsible for falsely representing the 1031?

Posted to Real Estate Tax Issues (Forum) by bcmiller5 on 08-07-2008

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