I bought a property in 2018 for an adjusted cost basis of $320k. I sold the building in 2022 for for $420k. I took a $93k boot. Exchange expenses of $71k. The exchange property had a FMV of $350k. On my return says my section 1031 gain was $75k. Form 4797 line 6 says my gain was $202k, for a total gain of $278. Not sure how they are getting these results. I thought I would only pay on the 1031 gain. Not sure where the $202k is coming from. Can you assist?
