I would like some help understanding my realized gain #19 and deferred gain #24 and basis of like kind property received #25 so I can fill out Form 8824 correctly.
I sold my 2 family rental property in NJ on 12/15/2021.
I originally purchased it in 5/2000 - I lived in it for 2 years than rented it out for 19 years.
Original Sales Price $175,500; sold at $395,500 on 12/15/21.
Depreciation Taken over the years: $82,519
Closing Costs: $17,861
Remaining Mortgage existed of $ 147,290 (no idea if that is important)
*I never received any cash proceeds because I used a qualified intermediary 1031 exchange*
Replacement Investment Property Sales Price: $420,540
Closing Costs: $5,274
I will close on my replacement rental property on 2/28/22. (investment property is in florida)
Thank you ALL so much for any clarification you can provide me.
