I did a simple "like kind" 1031 Exchange, sold one rental, bought another a month later. Where does TT factor in the boot and amounts for the old/new mortgages involved?

[mantra427]

Where does TT take the old and new mortgages into account to make your tax liability calculations correctly?  I sold my old rental (basis $100k) for $500k.  Paid off $100k note, and also took out $50k boot.  Rest went to Exchange intermediary to hold.  Shopped for and bought new rental for $550k, incl. taking out new $250k mortgage.  I've played with different numbers in the "fair market value" fields, with no change to my est. Federal tax owed balance.  Which makes me feel like it isn't "taxing me" for that $50k boot properly, or is it?  Where do I enter the boot so it taxes me on it?

[pk · Accepted solution]

I tried your scenario and  while in the forms mode I can force the " boot " line on the smart worksheet work, there appears to be no screen  in the step-by-step mode that asks for this data. One can cheat by entering the boot as  the "other non-cash items  received"  with a FMV of the cash amount. The  software is happy and the  form is correct.  Have asked for help on this.  Sorry -- try the workaround