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?
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?
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.
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