Hi Lori and thanks for responding
I answered the questions on the form as FMV of property received and given. I have also calculated my adj basis in the property given but that does not go in that area. I believe when doing a 1031 you need to spend at least as much as you sold your relinquished property. I also had read that the exchange costs (brokers fees, title work, closing fees, plus Qualified Intermediary expenses) would reduce the property relinquished (given) value by this amount. In my case the relinquished was 20k more than the given property but the expenses were 25k
the amount that the QI received and later disbursed was less by the amount of a mortgage 100k that had to get paid off. It was not assumed by the new owner. I also obtained a new mortgage on the received property side and this was not an Assumption. The QI held the difference (cash) until needed for settlement of the new property purchased or exchanged for. Not sure where recapture gain has to do with this form but perhaps I don’t understand the questions asked on it. The form is specifically asking for FMV Of the like kind property received and given
thank you for listening
Jim
