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his lawyer stated he could use all the closing costs for the sale of the rental building in 2018 and real estate taxes, for the 1031 exchange is this true? which form does that go on
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Like Kind Exchanges are reported on Form 8824. They can be a bit tricky, so you may want t refer to the Help Files or dig through the ProSeries Knowledge Base for more information.
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Can you help me fill out a 1031 exchange of a rental? I am unfamiliar with form 8824 and I haven't done an exchange in about 20 years
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Print the form and instructions. Mock it up with a pencil. Then go back to the software and play around til you get it to come out right. I have to do this every time, and I did about 4 this year.
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I have not done one of these if 20 years. Question: If my client received 50,000 boot through escrow and had 1665. paid directly to the state (mandatory) is that considered cash? He sold a rental for 205,000 and bought a rental for 249000. I hope you can help me step by step. I am hitting a brick wall
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Yes on the 50,000. What is the nature of the 1665 paid to the state?
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Mandatory withholding that is sent to the Franchise Tax board(CA) for possible gains on sale of property. I am guess that it will also qualify as cash received, as he will be able to get it back from the state.
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is there a way to contact each other directly, so that we can go over it line by line?
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Correct.
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No. No offense but it is October 13 and I am extremely busy. I'm just stopping in here while waiting for stuff to print, etc.