Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Filing taxes after 1031 exchange, sell 1 buy 2
I would hire a CPA but I'm too small right now to reasonably afford it, so I'm hoping BPers can help.
Last year, I successfully executed a 1031 exchange, selling one SFR for $190k and buying two SFRs for $66k and $124k. Come tax time, I was entering the data into my H&R Block Deluxe when I ran into a roadblock at their Like-Kind Exchange wizard. It was supposed to make me Form 8824, but realized that it wasn't going to work. Did some research and IRS' website says to file a summary on one Form 8824 and attach my own statement.
Would anyone be willing to share their statement (with fudged numbers and personal info)? I just want to know how it's supposed to be formatted and how lines add up. My fudged info below:
2018-07-01 Sold $190k, sales cost $12k, mortgage $141k, adjusted basis $61k
2018-08-02 Bought $66k, closing costs $4k, mortgage $53k, $1k EMD, the rest funded by exchange $16k
2018-09-03 Bought $124k, closing costs $6k, mortgage $93k, $21k funds from exchange, my own money $16k
Thanks everybody!