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    RE: Basis Adjustment

    Without time to research this I agree with Howard. I don't think you can do a line 21 reversal of income. I had one of these last year with a ROW easement and TP had to pay capital gains. ------Original Message------ Mark; IRS Publication...

  • House if fully paid off, so daughter is going to pay zero mortgage, maybe real estate tax, but my guess is dad will gift that as well. ------Original Message------ Does your client own his own home? Does he have a second residence? If not, couldn't...

  • That is correct, Bonnie. The only way to defer gain is through a legitimate 1031 exchange. Can be very messy. ------------------------------ Donald Jex EA, ABA, ATP Don Jex & Associates Murray UT (801) 263-3955

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