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help with form 8824 Im enclosing additional info
6 FAMILY HOUSE
BOUGHT 03/21/2004 100% RENTAL
900,000 SALE PRICE
Initial cost 540,000
less depreciation taken 146,740
Satisfaction of mortgage 193,000
2 FAMILY HOUSE 100% RENTAL
CONTRACT FEB 10 2013
WILL CLOSE ON 4/29/2013 940,000 PURCHASE PRICE
280,000 NEW LOAN
oops......I need to know how to fill in the form, I keep triying and each time get diferent results....this means it is not correct.....
Property A was sold and property B is in contract. According to IRS this qualifies as a Like kind exchange....
I just cant figure out the form....I
I am unable to fill out a form for you, but if you have a question about where a specific item goes or what a line instruction means, I will be glad to help.
Let me ask one very important question:
Was this sale and purchase done through a third-party agent? (Not your real estate agent)?
Or did you receive the money from the first sale and now you are putting it as a down payment on the new property?
Money was put on escrow account from day of sale. It was always the purpose to find another property.
Did you have a 1031 agent in this transaction? I am concerned that you may nave an invalid exchange.
On the final HUD-1, who was the SELLER of record?
yes there is a IRS 1031 exchange trust agreement on file.
and Im concerned about lines 23 and 24 on form 8824
Im trying to open the return but internet is acting out.....
no you have not.....still cant figure out why I come up with a 0 on
line 24 deffered gain when the purchased property is 40 thousand more
than the selling price price of original property.
It took me a few minutes to open the return...
see below copy of my 8824 amounts
so what do I write there, nothing? I thought I was supposed to write there
the amount of $$ received after closing costs???
was this for any other additional cash received? so this should be zero....
am I correct now? (finally?)
yep, all the $$ went to the escrow acct.....
now the thing is how am I going to get it to zero....(line 15)....
I have to start all the calculations.....sh........
I hate this form.......
I do LLC's, (65+ fam buildings) corps, various states....
and this form of only 2 pages gave me such a hard time.....
I now feel dumb.....
yep, thanks. but can I leave this question open until I finish putting the numbers again for line 15? just in case I have (or create)more problems.
never used this service before, not too sure about the rules.....
just to let you know the form 8824 is finally finished....no more errors.
I made a few changes on the figures regarding regarding the sales expenses, etc...and still everything works fine.
That means I understand it and learned. I can do this again on my own..
OK I talk too much......
thanks for your help
Good to hear it works now. To close this question, please remember to provide a rating as it is the only way the experts get credit for assisting you. Thank you.
You beat me to it....