How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I also need help with Form 8824 lines 15-25. I sold a rental

Customer Question

I also need help with Form 8824 lines 15-25.
I sold a rental property in a 1031 exchange for $615,000. Selling expense of $35488. New property was $199,900. I received $100,130 at closing. Basis or relinquished property was 586,529 less depreciation of 107,107. I gave them $7000 cash. The exchange transfer funds were $161326.
Submitted: 1 month ago.
Category: Tax
Expert:  PDtax replied 1 month ago.

Hi from Just Answer. I'm PDtax, and can assist.

Expert:  PDtax replied 1 month ago.

Tax form prep assistance is available through our Offer of Premium Service.

I'll make an offer to assist. I may need to review both closing statements, so I will post an email address once you accept my Offer to send the two closing statements.

I know this is a filing deadline day, so if I don't hear back by 7:45 pm EST, I will assume you don't need assistance.

PDtax

Customer: replied 1 month ago.
I still need your assistance..Thank you. Documents are attached.
Customer: replied 1 month ago.
did you get my attachments?
Expert:  PDtax replied 1 month ago.

Hi again. PDtax here. I was prompted to look in again on your question.

I thought your question needed more time and information, and posted an offer for a price increase.

Please advise if my offer is acceptable, and I can assist.

Customer: replied 1 month ago.
I already paid $33. What was that for??
Expert:  PDtax replied 1 month ago.

I believe your question will take more with than you have deposited. I made an offer for a higher price to assist.

I'm sorry my offer did not meet your needs. I will ask customer service to process a refund.

Customer: replied 1 month ago.
Thank you.
Expert:  Mark Taylor replied 1 month ago.

Deb, based on your numbers it does not look like you would be able to exclude the gain with a 1031 exchange. You would have roughly a $100,000 gain from the sale of the rental property. You received boot (cash) of $100,000. You also received boot in the form of a reduction in liabilities. I would be happy to review your documents if you like.