Anyone willing to check my figures on an 8824?
Relinquished Property
FMV = $715,000
Adj basis = $330,000
Closing fees = $45,000
Realized gain = $340,000
Unpaid prorated R/E taxes on relinquished = $200
Replacement Property
FMV = $635,000
Closing fees = $10,000
Unpaid prorated R/E taxes on replacement = $1,200
Cash paid (EMD) for replacement = $4,000
Cash received from QI at end = $30,000
Form 8824
Line 15 = $26,000 ($30,000 - $4,000)
Line 16 = $645,000 ($635,000 + $10,000)
Line 17 = $671,000
Line 18 = 331,000 ($330,000 - $200 + $1,200)
Line 19 = $340,000
Line 23 = $26,000
Line 24 = $314,000
Line 25 = $331,000
Lacerte gives me a different result when I enter cash received ($30K) and cash given ($4K) in its separate input boxes. This has me questioning but I believe the cash should be netted and that my figures above are correct.