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How do I fill out a Like-kind Exchange Accounting book? I…

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How do I fill...

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 of $25.00. Goal DR CR - Property A $100.00 - Accum Depre $50.00 - Sale Costs $25.00 - Property B $75.00. So if the entry is correct, a purchased building with an appraised value of $300.00, would then be recorded on the books at $75.00? Really? I must be doing something wrong here.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I do not think so. I'm just having a hard time with reconciling this exchange in my mind with the books and the tax return.

Submitted: 1 month ago.Category: Tax
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Customer reply replied 1 month ago
I calculated my gain on the sale of the property given up using normal methods and determined that if it had been an out right sale there should have been a gain. But then when I completed the Form 8824, I the Turbotax system calculated a deferred loss that was completely different and a basis in the property received that is completely different than what I was thinking it would all be based on the HUD Statements. I'm just trying to reconcile it all so that I am sure that I completed the Form 8824 correctly and have the correct Schedule M-1 adjustment. I was spinning my wheels so I wanted to take a fresh look at things today.
Answered in 14 minutes by:
3/10/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Questions.

Credit Property A 100

Debit Accum Deprec 50

Debit Property B 50

If you paid for sales costs - it would be added to the property :

Debit Property B 25

Credit Cash 25

However, you noted that there was no cash involved.

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Customer reply replied 1 month ago
The no cash involved was in the original question that I found online and I liked the answer but needed it to involve cash.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

The cash was only for the sales expenses? Just confirming.

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