Bart Posted March 26, 2020 Report Share Posted March 26, 2020 I am trying to do a partial 1031 Exchange on a rental house held in a partnership. I can not seem to get Form 8824 to calculate the taxable portion correctly. Rental house sale price $200,000. Basis $140,000. Only purchased a new Rental for $170,000. Original Purchase price of Property sold $150,000 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 26, 2020 Report Share Posted March 26, 2020 What is being calculated? Quote Link to comment Share on other sites More sharing options...
mircpa Posted March 27, 2020 Report Share Posted March 27, 2020 You need to first find out what % of original property is being sold then split asset, create separate asset entry in 4562 & you can do 8824. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 27, 2020 Report Share Posted March 27, 2020 On 3/25/2020 at 6:06 PM, Bart said: $200,000. Basis $140,000. Only purchased a new Rental for $170,000. Original Purchase price of Property sold $150,000 Looks like there should be $30,000 received as boot. Realized gain of $60,000, $200,000 - 140,000 Recognized gain of $30,000 = cash or boot Deferred gain of $30,000 realized gain less recognized gain Basis of new rental $140,000, fmv of new less deferred gain, also basis of old in this case I prefer to run the numbers outside of the program first, then input into 8824 and make sure it comes out right. Quote Link to comment Share on other sites More sharing options...
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