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How do I determine -1 Closing statement the FMV of the

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How do I determine for...
How do I determine for HUD-1 Closing statement the FMV of the property? I'm doing 1031-Like Kind Exchage, and not sure how to fill out the tax forms, and record the exchage on the books.
Submitted: 1 year ago.Category: Tax
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6/28/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,892
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

Per the IRS, the fair market value of real estate can only be determined by an experienced appraiser.

Elements that go into the appraisal include the size and location of the lot on which the house sits, the size of the house itself, the condition of the house, the quality of the neighborhood, the zoning of the surrounding area and the potential value of the property if used for something else.

You use form 8824 to report the exchange

https://www.irs.gov/pub/irs-pdf/i8824.pdf

The above link is for the Instructions to the form 8824.

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Customer reply replied 1 year ago
I guess I wasn't clear. I have all the paperwork that qualifies has a 1031 like kind exchange. I'm just unsure on how to balance my accounting books to the tax side where there should be no effect. I have all the Settlement HUD-1 for both properties. I just want to make sure how to read the HUD-1 Closing Statements. On Line item 205 of HUD-1 it has 1031 Exchange item of $120,000. What does that mean exactly?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

That would be the line item to show the 1031 exchange funds that are held on deposit by the QI (Qualified Intermediary).

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