Employee Tax Expert
3 weeks ago
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I tried making a 1031 to match your question. I added line K exchange expenses of $25,082 based on your $1M -$974,918. I am not being asked for line 15 cash given due to the line K entry.
I have a couple of thoughts on the $4918:
- When I did a 1031, I had to pay the intermediary a fee. That amount is added to the exchange expenses on line k.
- The $974,918 net proceeds vs the $970,000 from 1.425 price -455 loan is the cash/equity. If the closer sent $974,918 to the intermediary, that was an overpayment which becomes surplus and probably later refunded to be boot.