@ScottTS wrote:
I sold a land parcel for $233k that had a basis of $53167.46. I bought 2 land parcels and a parcel with a house for a total price of $552500. I calculated the allowable "exchange expenses" at $15553.11.
TurboTax Form 8824 says I has a realized gain of 164280....
I cannot be certain, but I suspect something went wrong with how you entered the transaction.
Just using round numbers for the fair market value and basis of the vacant land you relinquished and the exchange expenses you posted results in almost the exact amount of realized gain (i.e., $233k - $16k - $53k = $164k). So, it is almost as if the exchange was never reported (or reported incorrectly).
You might want to go back through the like-kind exchange section and verify that you entered the figures correctly.
For one thing, the mortgage you took on the replacement property should not factor into your exchange calculation.
