Mel7777
Level 2
10-15-2020
01:30 AM
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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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