Oh Baby! Posted February 27, 2009 Report Share Posted February 27, 2009 First timer here with a 1031 exchange. Getting real frustrated. Client sold one property for $4.8M. Property had an adj basis of $4.2M with a loan of about $4M. Client identified (with an intermediary) a new property on the same date of sale and purchased closed on the new property within 60 days. New property costs $6M. Seems like I should not have any realized gain. But my system keep spitting out a 4.2Million gain. Can someone help! Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted February 27, 2009 Report Share Posted February 27, 2009 My system worked fine. Because you gave no details, I can only guess the form is not filled out correctly. I would guess: Part III line 16 6,000,000 Line 18 4,000,000 Line 15 is unkown how I use 4,000,000 which produced the same results no tax. Quote Link to comment Share on other sites More sharing options...
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