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I'm filling out 8824 the exchange was bare land with

Customer Question
I'm filling out 8824...

I'm filling out 8824 the exchange was bare land with improvements there was no depreciation.

Accountant's Assistant: The Accountant will know how to help. Please tell me more so we can help you best.

Sales price was 110,000 original purchase price was $60,000 with improvements of $ 32,465. Rental house purchase price was $ 76,400.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

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.

Accountant's Assistant: 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: 2 years ago.Category: Finance
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Answered in 22 hours by:
3/20/2016
Financial Professional: PDtax, CPA, MBA replied 2 years ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,032
Experience: Tax professional and business consultant for 35 years.
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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.

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