Hi @claywallace and @KimberW ,
Thanks for your input. From my experience, I believe I traded up technically. The money that was transferred into the intermediary exchange account was less than the sold price of the relinquished property because I had to pay commission and fees. The amount of money transferred into the exchange account was about $500,000. The purchase price of the replacement property was $530,000. I needed to add about $30,000 in cash to complete the purchase and I think this would be considered a buy-up?
From what I read, the aggregate value of the replacement property must be equal or greater than the aggregate value of the relinquished property, less the costs associated with the sale of the property such as brokerage fees, attorney fees, title, and escrow.
https://getequity1031.com/blog/understanding-the-five-basic-rules-of-a-1031-exchange-net-selling-pri...
I never received $9000 in cash according to the Turbotax calculations...
Please let me know if this correct or not. I think I get what you're saying in that the $9000 is pretty much moot since my expense exchanges exceeded that amount.
Thank you!
