Client has 2 rentals, cost + all imp 230K with about 67k in depreciation.
I cant seem to link both properties to the same 8824, so I'm entering it manually.
Selling for 300K (170K for one, 130K for the other), but after paying off the mortgages and paying the selling expenses, ends up with 140K cash in hand.
Wants to put $140K into a new rental property, but has an additional 50K he can add to it as well for a total of 190K to invest in a new rental. (He can not qualify for another loan to reinvest the entire sales price).
When I plug these figures into the 8824, doesn't seem to make any difference if he reinvests the 140K or the 190K....I must be missing an entry or a piece of the puzzle somewhere on the 8824.
Any words of wisdom?
Ive been trying to follow the instructions here https://accountants-community.intuit.com/articles/1608733-1040-completing-a-like-kind-exchange-of-bu... but its for 1 property, not multiples.
Solved! Go to Solution.