Cost basis for relinquished property in 1031 exchange

[csanchez]

I am completing Form 8824 for 1031 exchange of rental properties. Relinquished property cost basis = 113,840 less accum depreciation of 22,769 = 91,071. Sold for 235,500 which I assume is FMV. 

Replacement property price = 300,000.

I followed the instructions at this link: https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/completing-like-kind-exchange...

Form 8824 Cash Given is coming up with 64,500. I don't understand where this is coming from. 

Any help would be appreciated.

[sjrcpa]

Purchase Price of new $300,000 less sale price/proceeds from old property $235,500 = $64,500 needed to complete the transaction.

[csanchez]

Thank you. TP actually got a loan for 110,000 plus the proceeds from the relinquished property. Do I enter that somewhere?

[sjrcpa]

Presumably the delta between $64,500 and $110,000 is expenses to complete the transaction.

So maybe these need to be entered.

Or, did your client receive some cash?

[csanchez]

No client did not receive cash. Where do I enter the expenses? 

[sjrcpa]

Can't help you. I have a tough time getting it to work in Lacerte. I don't use ProSeries.

[csanchez]

Thank you for replying.

[sjrcpa · Accepted solution]

I always have to fill out the form by hand, then back into it in the software.

[csanchez]

Yes that's what I've decided to do. Thanks again.