1031 Exchange

[terimac4]

Good afternoon,

I have two questions in regard to the 8824 paperwork:

1) When it asks for different property received, what goes here? They had a check for 14K for additional profit with the exchange. Do I pur that here?

2) Fair Market Value for the property given up-what goes here? The selling price or the gain of 14K

[AmyC]

I am going to assume where you are and try to answer.

1. The different property at the beginning of the form, line 2 is looking for a legal description of the property.

2. Line 12 is asking for the actual fair market value of the property you sold. The selling price.

Take a look at the actual Form 8824, Like-Kind Exchanges and connect what the program is asking to fill in the form. Use  another post of mine to help you through.