How do I report in TT the sale of rental property that was originally purchased with like kind exchange funds ? Rental was purchased 2005 with funds from different rental sold that same year. Now the 2005 down payment of $17,000 must be reported. How is this done? What forms are used? In 2005 we manually reported taxes. We used the 8824 form to report the like kind exchange arrangements. TT wasn't used.
ALSO, the rental sold in 2019 was stepped up in 2017 due to beneficiary inheritance. Does this change the overall calculations? If so, how is this done?
No offense but this is a mess and you need a tax pro to sort this out. The step up in 2017 'due to beneficiary inheritance' is not at all clear and does change the calculations = FMV at date of death.