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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I'm filling out 8824 the exchange was bare land with

Customer Question

I'm filling out 8824 the exchange was bare land with improvements there was no depreciation.
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: Sales price was 110,000 original purchase price was $60,000 with improvements of $ 32,465. Rental house purchase price was $ 76,400.
JA: Is there anything else important you think the Accountant should know?
Customer: Escrow fees for land was $2543 escrow fees for rental purchase was $ 916. Transfer to rental was $ 84,000 and cash received was $ 23,582.32 for sale of land. On exchange $ 7410.91 was returned to the buyer at closing.
JA: Our top Accountant is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Accountant in on everything we've discussed. You can go back and forth with the Accountant until you're 100% satisfied. We guarantee it.
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax. I assume you are asking how to report the transaction on the form.

I can assist with that, but need to ask for a price increase to do so.

Also, I suspect you will have a tax liability from the transaction.

Please review my Offer of Premium Service and advise.