msmarco
Level 1
‎07-17-2023 01:01 PM

I have 5 properties that were exchanged for 1 larger property.

When entering info. onto 8824, can the FMV etc of the larger property received be split up equally between the 5 properties given up?

 

 

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abctax55
Level 15
‎07-17-2023 01:29 PM

The FMV of the five properties given up should be what they actually *sold* for.

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msmarco
Level 1
‎07-17-2023 01:51 PM

I realize that, my question is regarding filling out the 8824.  Where it asks for the FMV of the like-kind property received and it's mortgage assumed, I have one large property that was received in exchange for 5 smaller properties.

So, I was going to just split the FMV of the property received between the 5 given up equally.

Any thoughts?

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abctax55
Level 15
‎07-17-2023 01:56 PM

FMV of the property 'received' is what was paid for it, per the closing statement.

FMV isn't the same as basis, if that is really what you are asking.

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