GeneInSanDiego
Level 1
12-28-2022
08:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Like Kind Exchange Wizard only handles one received asset. Client exchanged two apartment complexes with hundreds of depreciable assets for four commercial buildings. $11M sales price, $3M old loans, $17M new buildings, $9M new loans. Totally qualifies for an exchange. How many 8824s do I need to prepare? Like-Kind Exchange Wizard is no help. Do I exchange each old building for two new buildings? How do I enter multiple properties received for one given up? I'm glad I'm starting on this early. I'd hate to have this on my desk on April 14th. Help!
Labels