"Zainster" <masood-ahmed[at]msn.com> wrote:

- quote -

I just had a client bring me his paperwork on a 1031 from
which he had received $26,000. Initially all he brought
were net numbers from the exchange firm. After I figuring
out the fair market values of the relinquished and received
property, cost of sale and debt paid off during the
transaction owed by the client (property given up was worth
$300k more than property received, he had a 250,000
recognized gain on which he must pay tax this year.

There are a lot of complex rules to know that would take too
much time in this forum. Bottom line, hire a tax
professional and take her/him all the paperwork including
the settlement papers on both properties and a detail of the
assets by date acquired, cost, accumulated depreciation,
etc..Otherwise, you will spend more time and fee expense
than you probably think is fair.

Mike Lewis, CPA

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Zainster wrote:

- quote -

My advice is to seek a tax professional. These are in depth.

Missy Doyle

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Form 8824 can be a pain if you've never done one. J.K.
Lasser's Your Income Tax 2006 has a couple of examples in
chapter 6. You should be able to pick this book up at your
local book store for around $15. Hopefully your software
should be designed so that any taxable portion that appears
on the 8824 is carried automatically to form 4797. Good
luck.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Zainster wrote:

- quote -

You can start with IRS publications 551 & 544.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I have made a 1031 exchange and took some boot,

I need help in filling out Form 8824 and 4797. Any help will
be appreciated by sample example

Thanks

Masood

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >