Hi Chris, if I understand the transaction it sounds like you will receive a 1099-S for the full amount.

The QI will facilitate the transaction by holding the proceeds from the sale of your New Jersey property and using them to acquire the replacement properties in Florida.Make sure to follow the 1031 exchange timelines: you must identify potential replacement properties within 45 days of selling your New Jersey property and complete the acquisition of the replacement properties within 180 days.  

Quote from @Kislay Shah: To identify a proficient real estate CPA, investors should prioritize professionals with a proven track record in handling real estate portfolios, transactions, and tax planning. 

My son is working on his first SubTo real estate deal in Crawfordville, Florida, and I'm hoping to find someone in this community who can offer him some guidance and support.He's eager to learn and navigate this process successfully, but could really benefit from the expertise of someone with experience in SubTo transactions.

Legal and Regulatory HurdlesReal estate transactions involve legal complexities that can overwhelm newcomers.Solution: Learn about legal requirements early on and seek professional advice when needed.

This helped our CPA know exactly what transactions related to the house.

A common pitfall is treating each deal as a standalone transaction instead of connecting acquisitions, financing, and project management as part of one cohesive process.

Quote from @Dawn Roy: My response is not relevant to this transaction as it appears everything is going to work out with your lender. 

Recently, management changed it so both loans can be made with one payment versus two separate transactions. 

This seamless transaction capitalized on strategic market insight and a prime opportunity.