Replacement Property FMV $500k
Sale price of Relinquished Property $490k, Adjusted Basis (Net Deprec) $128,323
Exchange expenses from closing statement total $37,323.50 (includes prorated property tax $2,171).
Net Proceeds disbursement $452,676.33
Summarize paid $5,550 for an exchange fee and boot of $47,323.67
Do I need to take the property tax out as an exchange expense? So exchange expenses become $35,152.33, which reduces the boot to 45,152.67?
Is my basis in the new property: Carry over $128,323 + $45,152.67 + $5,550 exchange fee ? $179,025.67
On 8824 would I report FMV received $500k (Ln 16), Adj Basis (Ln 18) $179,025.67, then deferred gain $320,975?