Yes we did use qualified intermediary. Here is the complete scenario, sorry about the incomplete message earlier.
Property
Owner: A
purchased: 5/27/2010,
Purchase price around: $115K
B agreed to contribute 50% of the downpayment and all expenses
7/28/2014: B(relative) added to the deed
A continued to collect rent, pay mortgage and claim depreciation on the property as well show income on their tax returns.
All expenses were shared by A and B.
Total improvements done to the property: $15K
Property Sold on 7/28/2019 for Sales Price: 201K
Closing Costs Paid by the seller: 8707.50 + 6030 + 160.01 + 35
A's Mortgage Balance paid at closing: 44,473.75
Net Disbursed to A 1031 exchange: 70,842.05
Net Disbursed to B 1031 exchange: 70,842.05
Both identified and bought separate properties within the timelines stipulated by the guidelines and the intermediary.
How will they report this on their tax returns?
