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1031 exchange sale of property


GingerM

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In all my years of practice I have never handled the final sale of a property obtained through an exchange. Until now. Is it really this simple? 
740,000 value of replacement property 
(740,000) deferred gain 
0 basis 

The gain is the taxable sales price less closing costs.

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12 minutes ago, GingerM said:

There will not be a replacement property - they are cashing out. The property being sold was the replacement property. Form 8824 was filed several years ago.

Then you need a copy of the 8824 from several years ago which will give you the deductible basis.

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