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M
msmarco
Level 2
July 17, 2023
Question

Mulit-Asset Like-Kind Exchanges

  • July 17, 2023
  • 1 reply
  • 14 views

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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1 reply

abctax55
abctax55
Level 15
July 17, 2023

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

HumanKind... Be Both
    M
    msmarcoAuthor
    Level 2
    July 17, 2023

    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?

    abctax55
    abctax55
    Level 15
    July 17, 2023

    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.

    HumanKind... Be Both
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