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tracksupr
Returning Member

need instructions for help form 8824

I have completed my taxes and turned into my CPA I am using TTAX premier to cross check.  I see posts about filling  out 8824.  Relq prop $303K sales price, gave up mortgage $113 K  Equity given= $190 K  Repl prop 328 k Purch price new Mort 160 K Equity rec'd =$168K   difference is 22k.   I keep on getting stuck when I get to the Interview after line 7 WS  line L asks for cash received the error message shows the difference between equity given and equity received do I just make the program happy and fill in the minimum amount ?  The instructions don't start until line N for the worksheet   same as the error message.  worksheet is a mess shows line n as selling expenses I am amortizing loan costs do they get added in there" what about closing costs on other end?  You think that TTAX would be getting better not worse 

 

 

I am using IRS method of  2 separate ws keeping the basis for the old basis and the second  asset WS is for the new prop iexcess basis should be  the difference between the  two mort  47K  

 

spent 3 hrs with support they can't figure out  how to navigate 8824 either

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2 Replies
M-MTax
Level 12

need instructions for help form 8824

You know you might be having problems with this because of the loans....you don't factor in the mortgage on the relinquished property UNLESS the buyer is paying off the mortgage or assuming it and you don't factor in a mortgage on the replacement property UNLESS you're assuming that mortgage. I mean if the mortgages aren't part of the deals forget about them for the purpose of entering this on the 8824.

tracksupr
Returning Member

need instructions for help form 8824

Thanks Martin that seemed to work for line M do i lump in all of my closing costs on both ends including the exchange fee and  (Loan Costs  I will be later amortizing) on Line N?

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