Client sells rental property for $345,000
Adjusted Basis was $223,471
Client buys new rental in LKE for $490,000
I have:
Line 12 (FMV property given up) = $345,000
Line 14 (gain on property given up)= $345,000 [[very confusing to me - software plugs this number]]
Line 17 (FMV of property received) = $490,000
Line 18 (adjusted basis of property given up) = $233,471
Line 19 (realized gain) = $266,529
Line 23 (recognized gain)= $0
Line 24 (deferred gain) = $266,529
Line 25 = (basis of like-kind property received) = $223,471