An employee who happens to be a CPA can compile financial statements. It is done every day. ============================== M K Ramadoss MBA CPA 4203 Gardendale St Ste 226 San Antonio TX 78229
Jia, You should not make any accounting for closing costs (fees, commission etc). Those happen within the 1031 trust and are separate from the taxpayer. Think of the 1031 trust as a separate entity: You put the property in at ...
Hi Allen: Thanks for your reminding me on recording the entry. Actually it simplifies book keeping and recognizes the same amount of gain when the new land eventually is sold. Thanks for your help! ------------------------------ Jia Xiu CPA ...