I need to do 1031 exchange and I am a bit lost with it. Can anyone help with rental real estate 1031 exchange that has some proceeds paid to owner?

[2395armin]

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?

[GretchenG]

Here is a link with information that might be of assistance:https://www.realwealthnetwork.com/learn/how-to-do-a-1031-exchange-rules-definitions/