Hi Amy. Your comments and suggestions are so helpful. Thank you.
On 2021 TT, I also did a 1 to 4 like kind exchange.
Sold a property for $450k (bought for $282k with a land value of $62k) 7 yrs ago. It still had a mortgage of $137k.
I bought 4 properties: $230k (mortgage of $166k) and the rest paid in full cash $129k, 122k and 139k.
Can I add up the 4 properties as if it were in aggregate $620k and use this as the FMV of Like Kind Received.
Then how would I calculate my Mtg/Liability:
and Could you guide me through the rest of the worksheet?
Thank you so much in advance.
CP
