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1031 exchange
1. What is the cost basis of the new property?
2. What tax documents/ form will be received by clients
3. How to fill in data at the tax software to avoid capital gains ?
Case study: 1031 exchange
Old property
Purchase price 500k
Accumulated depreciation: 300k
Sold price 700K
New property:
Purchase price 800k
How to fill in data at tax software?
1. What is the cost basis of new property?
2. How to avoid capital gains by data entry?
Best Answer Click here
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The more I know the more I don’t know.
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https://www.the1031investor.com/calculators/1031-exchange-calculator/
Increase your CPE credits https://www.cpaacademy.org/search_webinar?search_box=1031&field_of_study=&professional_designation=&...
Answers are easy. Questions are hard!
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Word of advice - Susan (@sjrcpa) and I both do the Form 8824 by hand first, then force the software to match (We both use Lacerte, no PTO, but the software is similar). In Lacerte, the LKE 'helper' doesn't 'help'.