turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Recording a Two for One Like Kind exchange info.

Hello,  I would greatly appreciate some guidance with recording my information for taxes.  In 2024 I relinquished two residential rental properties and acquired one through a 1031 Like-Kind Exchange.  Opinions vary widely on how this should be recorded. I'm using TT Desktop.  I had NO mortgage on relinquished properties, but took  out mortgage on acquired property.  Currently Fm 8824 records are:

Section I.

Line 1. Both relinquished asset addresses. 

Line 2. Acquired asset.

Line 3. 09/01/08  ( Earliest acquired date of the two relinquished assets)

Line 4.  5/15/24    (Date first asset was relinquished)

Line 5.  6/6/24   (Identified asset to acquire {this is also the date second asset was given over})

Line 6.   6/21/24 (New asset acquired )

In section III.

A, C, and F, $650,000 The FMV of acquired asset.

G  $455,000 the combined amounts from relinquished assets

     Along with a summary noting the sale prices $255,000 and $200,000  and description of the relinquished         assets.  

If that is correct, I now have the closing costs to account for.  

I have:

Agent commissions

Title search

Title Ins.

I gave a credit to my buyer

points and origination fees on my mortgage

Taxes,

incidental fees from closing agents

Surveys

etc.  

What do I do with all that?  Do I take all these costs and put them in the depreciation schedule?  Do I lower the sales price of relinquished assets to account for these costs.   

 

Thank  you for your help.

 

Respectfully!

 

 

 

 

 

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question