turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

1031 Exchange

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?

 

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.

1 Reply
M-MTax
Level 11

1031 Exchange

You can deduct the taxes as itemized deductions. See this thread 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies