Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I sold a rental property in 2017 and purchased another one.

I sold a rental...

I sold a rental property in 2017 and purchased another one. WHere do I record the one I purchased?

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

I sold a rental property for $500,000 and purchased another rental property for $450,000 in the same year. Where does the purchase of the rental property go on the 1040 form.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I dont think so.

Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/16/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,313
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with this.

If you did a like kind exchange, then it would go on Form 8824.

To start depreciating it, you need to report the purchase on Form 4562. It will go on Part II, Line H.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Ask Your Own Tax Question
Customer reply replied 5 months ago
On the 8824 it asking me who I gave the property too and who gave me the property. In both cases we sold the property and went through a closing and purchased the property through a closing. No one gave us the property.
Customer reply replied 5 months ago
No thank you on the call

Sorry the system automatically asks for the call.

If you do a like kind exchange, its considered given and given up instead of purchased and sold. It's just a terminology thing that goes with these exchanges.

Ask Your Own Tax Question
Customer reply replied 5 months ago
Ok thank you I will take a look at that.

No problem. If you need anything else just let me know. When you'r e good, please leave a rating so I get credit for helping you out.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,313
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,313
1,313 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I sold a rental property back in 1999 and do not recall
I sold a rental property back in 1999 and do not recall filing an 8824 it was a like kind exchange we then bought another apartment and cold it again in 2014 … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
113 satisfied customers
We rented out our home part of 2017 and then sold the
We rented out our home part of 2017 and then sold the property when the tenant moved out. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I am using taxact to prepare my return. We sold a rental
I am using taxact to prepare my return. We sold a rental property during 2017. I cannot figure out where to record this. We have never previously depreciated the property on previous years returns … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I am a person of indian origin and now US Citizen residing
I am a person of indian origin and now US Citizen residing and working in USA . I own one home for my main residence in USA and regularly pay its mortgage loan interest to bank and claim this mortgage… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about report stock option transaction. If
Hello, I have a question about report stock option transaction. If I sell a put option in Dec of 2017 with the expiration date in 2018. I have a sales proceeds in 2017 but do not know whether there wi… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I bought out my sister in 2008 a home in Cheektowaga NY and
I bought out my sister in 2008 a home in Cheektowaga NY and made it my primary residence. I lived in the home till June of 2014. Movd to CA and turned the residence into a rental. I sold the home in 2… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am filling out form4797 for the sale of a rental. On part
I am filling out form4797 for the sale of a rental. On part 1 line 2 (e) depreciation allowed. I have been taking depreciation for the last 4 and1/2 years on Schedule E that totals $25,450. is this th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question to see if I can admend last years tax. We
I have a question to see if I can admend last years tax … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,453 satisfied customers
I purchased primary home in 2005. I lived there from
I purchased primary home in 2005. I lived there from 2005-2016. I moved and bought new home August 2016 and this became primary home. I rented home from July to October. I had to evict and suffered lo… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a question regarding paying capitol gains tax on a
i have a question regarding paying capitol gains tax on a condo I own and might sell … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I opened an LLC single member. I purchased 3 properties
I opened an LLC single member. I purchased 3 properties under the single member llc where do i put it on the 1040 is not the schedule E , because is under the LLC 's name.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A dental practice which is an S Corp sells its practice
A dental practice which is an S Corp sells its practice assets for 1,000,000. The Corporation has one shareholder who is a well respected dentist in the area. The asset allocation to be reported on Fo… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I sold a house 50 % Business Use & 50% personal use, ( two
I sold a house 50 % Business Use & 50% personal use, ( two family house) I bought the house on 2001 for 300 sold for 700, during the 45 days Y bought two property one 2 family rental property 100% bus… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a uk exXXXXX XXXXXving in the us and own a propety in the uk
I am a uk exXXXXX XXXXXving in the us and own a propety in the uk and plan to relocate back there in a few years. Can I depreciate my property? If so once I have depreciated it and I cease to be a us … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A client just sold some property last month. It was their
A client just sold some property last month. It was their primary home for 15 years. Last year they rented it out for 12 months. They purchased the property for $260,000 and sold it for $450,000. Is a… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I sold my main home in 2010, and there was a separate apartment
I sold my main home in 2010, and there was a separate apartment on the property that we allowed a friend to live in, but no rent was exchanged. She did pay for utilities for the apartment. I sold the … read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
Real Estate/Capital Gains Tax Law Question If I split off
Real Estate/Capital Gains Tax Law Question: If I split off and sell a portion of my lot to a third party, retaining the rest for myself, what is the basis of the sold land for capital gains purposes? … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I own a commercial property that I purchased for $350,000 in
I own a commercial property that I purchased for $350,000 in 1993. I ran a liquor Store there for 10 years and then leased out the business to another person in 2003. The new tenant signed for a 12 ye… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x