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Get your taxes done using TurboTax
Not sure i understand correctly. Seems if you include your expenses for the replacement property under different property received, it would be like you are not only receiving the replacement property but also the cash which would actually lower the basis of the replacement property whereas you actually want to increase the basis by including the closing costs of the replacement property. Or do you enter it as a negative number since you are actually adding cash to receive the replacement property?
March 7, 2025
3:52 PM