Mel7777
Level 2

I have a client that participated in a like-kind exchange.  They used an intermediary party.  The purchased property ($240K) was less than the FMV of the relinquished property ($550K).  The basis on the relinquished property ($165K) would reduce the taxable gain.  They only received the funds for the difference between the gain ($550K-$165K) - $240K.  The cash received was $145K.    Please coach me on how to enter this in ProSeries.  The 8824 wants to treat the $165K basis plus cash received $145K as boot.  Please coach me on how to enter the partial 1031 exchange.  Thank you!

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