Hello AmyC,
Thank you very much for your detailed examples of the Cost Basis and I really appreciate it.
I exchanged one rental property for 2 replacement rental properties. I think I understand the principles of allocating the deferred amount based on prices. Do I create one Form 8824 and enter 2 new assets based on the percentage of the allocated deferred gain in Rental? Or do I create 2 Form 8824? My research seemed to have conflicting solutions on this topic.
I also received 1099-S for the exchange. Would this complicate the reporting?
Thank you in advance.
