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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.

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Answered in 2 minutes by:
3/16/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,056
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!

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Customer reply replied 1 month 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 1 month 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.

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Customer reply replied 1 month 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: 1,056
Experience: Adjunct Professor
Verified
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Carter McBride
Carter McBride
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Category: Tax
Satisfied Customers: 1,056
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Experience: Adjunct Professor

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