All Forum Posts by: Marie Z.

Haha Dave that's funny that most are bald. At this point I think I've lost some clumps of hair working on this.  I believe a good CPA is worth his pay. The problem is finding someone that knows what they're doing when it comes to real estate transactions. 

Well, I'm back on here in the hopes I can get some answers regarding how to submit my 1031 exchange tax return. I've exhausted the people I would go to for answers. Tax support and colleagues couldn't help. You're right Linda Weygant, form 8824 is very difficult to fill out but I think I might have it done. Here's my scenario: 

1. 1. Basis. The cost basis for both properties being relinquished is $258,659, and $116,858. Has been taken in depreciation over 13 years.
2. Relinquished Property. The relinquished properties contract price is $397,000.00, and the current debt to be paid off at settlement is $182,167.
3. 2. Relinquished property exchange expenses are $37,118.41, and the $178,379.95 in proceeds were placed in a qualified escrow account by the Qualified Intermediary.
4. 3. Replacement Property. The replacement property was purchased for $385,000.00, and a new loan was obtained for $199,232.05. The cash down payment was $186,888.95, and the exchange expenses were $2,621.00

After doing all of this work, I don't know that I'll ever want to do another 1031 Exchange. 

Thanks for any advise. Greatly appreciate all the knowledge shared here. 

Thank you for posting this link. It was so helpful. I'm still a little unsure as to whether I filled out the 8824 correctly. 

I am wondering if there is anyone on this site who can advise me on how to fill out forms to report a 1031 exchange for 2020. We sold 2 houses and purchased 1 by doing a 1031 exchange. I know I have to fill out 8824 and 4797. I'm not sure if I can put both properties relinquished on the same form 8824. How do I calculate the basis of properties relinquished? 

 Thanks Bruce, I appreciate your advise.

I'd really like to start investing in tax liens but I'm not sure where to get started and get some training. I just signed up for a 3 day workshop through Tax lien code. After reading all the comments on here, I'm tempted to cancel. Any thoughts from any seasoned investors would be greatly appreciated.

 I'm curious to know what tax lien course you purchased and how you liked it. Husband and I just signed up for a 3 day course in a couple of weeks through TaxLienCode. We're still within our 3 day right to cancel. We paid $997 to attend and then they charge about $40 monthly for access to their software to help with due diligence. 

I would love to attend but i will be out of state on that date.

Ok. Thank you. Does depreciation recapture begin again on the new purchased property if purchased via a 1031 exchange or does it continue from properties sold to do 1031?

Hello Nicholas,

Regarding a 1031 exchange that we'd like to do. We're looking to sell two rental properties via 1031 and buy one in our neighborhood that going to sell. Our plan would be to rent it out for 3+ years and move into it the last two years as our primary, then sell it. Would we be able to avoid paying taxes on the gain and also not have to recapture depreciation? We're looking for the best way to liquidate our real estate holdings with keeping as much of our money as possible. Would the exemption for selling primary home apply in this situation? Look forward to hearing your response.