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What are journal entries for 1031 like-kind exchange,
what are journal entries for 1031 like-kind exchange … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
Second opinion] how can i report one asset exchange to two
Second opinion] how can i report one asset exchange to two assets in form 8824? do I need to fill out two 8824 forms or just one? thanks. HL… read more
ABC Accounting Group
ABC Accounting Group
Certified Public Accountant (CPA)
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I have a question about like-kind exchange and how to record
I have a question about like-kind exchange and how to record the changes in the balance sheet … read more
PDtax
PDtax
Owner
Master's Degree
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I need help with a partnership 1031 exchange journal entity.
I need help with a partnership 1031 exchange journal entity. Sold property A for 2,100,00, It cost 1,015,529 with a book value of $967,957 … read more
PDtax
PDtax
Owner
Master's Degree
4,304 satisfied customers
How do I determine -1 Closing statement the FMV of the
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.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I'm the Tax Accountant client, and I'm trying to solidify my
I'm the Tax Accountant for my client, and I'm trying to solidify my understanding of a like kind exchange of similar assets (Truck for Truck), and the treatment for Tax Purposes (no cash involved), vs… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
629 satisfied customers
You helped me last week regarding my lawyer clients who
Hello, You helped me last week regarding my lawyer clients who dissolved a s corp and then continued independently as new s corps. I need to distribute the company assets accordingly.My assumption is … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 satisfied customers
Have a NYC S corporation that generated a large capital
Have a NYC S corporation that generated a large capital gains on the sale of a buildingHad to pay estimated taxes for the capital gains to city of New York general corporation return.Set up the follow… read more
Tax-Scholar
Tax-Scholar
Manager
Bachelor's Degree
89 satisfied customers
I sold a apartment building for approximately 2.3 million
i sold a apartment building for approximately 2.3 million dollars. I netted after expenses 2.1 million. I took 650k and purchased another rental (1031 like kind exchange) My questions are as follows: … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
I have to make entries in an LLC 1031 exchange. I'm not
I have to make entries in an LLC for a 1031 exchange. I'm not concerned about GAAP, but I would like the books to represent the exchange properly for tax purposes only. I don't have the exact numbers … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
I have 2 entities. Entity A and Entity . Entity A has a truck,
I have 2 entities. Entity A and Entity B. Entity A has a truck, that is fully depreciated, that we are moving on to Entity B's books. There is a loan on the truck of, currently, $10,500. What are the … read more
PDtax
PDtax
Owner
Master's Degree
4,304 satisfied customers
In a PC (subS) I want to distribute his auto to him personally.
In a PC (subS) I want to distribute his auto to him personally. I need help with the JE. Cost on books 39950 Accum deprec 24753 Remaining loan 28489. He then bought a car personally and the trade in v… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset re
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset received. Boot will be recognized for tax purposes. I need help with journal entry to record value of replacemen… read more
PDtax
PDtax
Owner
Master's Degree
4,304 satisfied customers
When I put the correct amounts on Sch L of 1065, the M-2 comes
When I put the correct amounts on Sch L of 1065, the M-2 comes up out of balance. I'm thinking it's the beginning balance..Is there a legitimate adjustment to make it balance since I didn't do the boo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How do I fill out a Like-kind Exchange Accounting book?
I need help with a journal entry - 1031 exchange with no cash involved. Sold prop A and it was on the books at $100.00 with accum depre of $50.00. Bought property appraised at $300.00, costs on sale o… read more
taxmanrog
taxmanrog
Master's Degree
1,352 satisfied customers
We have an SCorp which we do not want to dissolve but which
We have an SCorp which we do not want to dissolve but which we will not be working in or generating income in for the next few years (Maybe never). We have a vehicle titled in the company name. The ve… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
Hi, I have a reverse 1031 exchange with a full term depr recapture
Hi, I have a reverse 1031 exchange with a full term depr recapture on prop acquired in 1960 . sold like-kind property… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Repeat of question asked 5 minutes ago - not sure it was ...
Repeat of question asked 5 minutes ago - not sure it was forwarded Need to calculate correct gain on sale of our S corp vehicle. Taxcut sw is giving us an adjusted cost basis on 4797-Part III that doe… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
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