Where does TT take the old and new mortgages into account to make your tax liability calculations correctly? I sold my old rental (basis $100k) for $500k. Paid off $100k note, and also took out $50k boot. Rest went to Exchange intermediary to hold. Shopped for and bought new rental for $550k, incl. taking out new $250k mortgage. I've played with different numbers in the "fair market value" fields, with no change to my est. Federal tax owed balance. Which makes me feel like it isn't "taxing me" for that $50k boot properly, or is it? Where do I enter the boot so it taxes me on it?
I tried your scenario and while in the forms mode I can force the " boot " line on the smart worksheet work, there appears to be no screen in the step-by-step mode that asks for this data. One can cheat by entering the boot as the "other non-cash items received" with a FMV of the cash amount. The software is happy and the form is correct. Have asked for help on this. Sorry -- try the workaround
I tried your scenario and while in the forms mode I can force the " boot " line on the smart worksheet work, there appears to be no screen in the step-by-step mode that asks for this data. One can cheat by entering the boot as the "other non-cash items received" with a FMV of the cash amount. The software is happy and the form is correct. Have asked for help on this. Sorry -- try the workaround