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I'm doing a 1031 exchange. Where (forms and lines) do I

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Hi Barbara,I'm doing a 1031...
Hi Barbara,I'm doing a 1031 exchange. Where (forms and lines) do I reflect the adjusted basis on my 1040? I'm looking at the Asset Entry Worksheet in Schedule E. Thanks.
Submitted: 1 month ago.Category: Tax
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Answered in 4 minutes by:
3/15/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,784
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for requesting me.

Use Form 8824 to report the exchange.

Use Form 4797 to report any gain.

The following links contain excellent information:

http://www.exeter1031.com/reporting_1031_exchange_for_income_taxes.aspx

https://www.finweb.com/taxes/how-to-report-a-1031-exchange-on-your-tax-return.html

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
I got that part already - 8824 is done. At this time, I'm asking how to show the carryover and excess basis and start depreciating them. The Form 4562 Section B depreciable basis is based off the underlying asset worksheet but the worksheet. I'm thinking I have to use Lines 58:61e but I'm not sure how yet. I want to use the special election in the middle of page 9 of the form 4562 instructions (Form 4562 Asset Entry Worksheet line 58).The goal is to see the correct basis (carryover + excess) show up in the right place which would lead to the right amount of depreciation being calculated. Thanks.
Tax Professional: Barbara, Enrolled Agent replied 1 month ago

The price point for this question is quite low for the assistance you require. I will opt out so another expert can assist you.

Thank you.

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Customer reply replied 1 month ago
okay
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