I have 1031 exchange with payout and have difficulties with accurately reporting it in tax return. Old property is sold new acquired and little over $7000 paid to owner. Sold property was in his possession since1985 so difference between cost/ adjusted basis and market value is large. He also received Proceeds from real estate transactions with box 2 amount $83333.34. I am not sure that I am calculating gain properly or that I am doing it correctly in Turbo Tax. Can you please help?
