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I am completing Form 8824 for 1031 exchange of rental properties. Relinquished property cost basis = 113,840 less accum depreciation of 22,769 = 91,071. Sold for 235,500 which I assume is FMV.
Replacement property price = 300,000.
I followed the instructions at this link: https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/completing-like-kind-exchange...
Form 8824 Cash Given is coming up with 64,500. I don't understand where this is coming from.
Any help would be appreciated.
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Thank you. TP actually got a loan for 110,000 plus the proceeds from the relinquished property. Do I enter that somewhere?
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Presumably the delta between $64,500 and $110,000 is expenses to complete the transaction.
So maybe these need to be entered.
Or, did your client receive some cash?
The more I know the more I don’t know.
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No client did not receive cash. Where do I enter the expenses?
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Thank you for replying.
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I always have to fill out the form by hand, then back into it in the software.
The more I know the more I don’t know.
