FORM 8824 WORKSHEET Worksheet 1 Tax Deferred …

[Pages:3]FORM 8824 WORKSHEET

Tax Deferred Exchanges Under IRC ? 1031

Taxpayer Exchange Property Replacement Property

Worksheet 1

Date Closed

Before preparing Worksheet 1, read the attached Instructions for Preparation Of Form 8824 Worksheets. Then, prepare Worksheet 1 after you have finished the preparation of worksheets 2 and 3.

Form 8824 Line 15 Cash and Other Property Received and Net Debt Relief

Net cash received (line 21)

$

Net debt relief (line 30)

Less net cash paid (line 22)

(

Total to Form 8824 Line 15 (not less than zero)

$

(Taxable as boot)

Form 8824 Line 16 FMV Replacement Property

Total from line 17, worksheet 2

$

Form 8824 Line 18 Basis and Net Amounts Paid

Purchase price, Exchange Property

$

Less depreciation taken to date of sale

(

Less deferred gain from previous 1031 Exchange (if any) (

Net cash paid (same as line 3 above)

Net debt incurred (line 31)

Less net debt relief (line 30) limited to

amount of net cash paid (line 9)

(

Total to Form 8824 Line 18

$

(Basis Of Replacement Property)

1 2 )3 4

5

6 )7 )8

9 10 ) 11 12

_______________________________________________________ 1031 Corporation - Longmont/Boulder, CO

303-402-1031 (Local) 888-367-1031 (Toll Free)

FORM 8824 WORKSHEET

Worksheet 2

Tax Deferred Exchanges Under IRC ? 1031

ANALYSIS OF CASH BOOT RECEIVED OR PAID

Sale of Exchange Property

Sale price, Exchange Property

$

Less debt relief (Line 25 below)

(

Less exchange expenses paid (worksheet 3)

(

Total cash received (line 13 minus lines 14 & 15)

Purchase of Replacement Property

Purchase price, Replacement Property

$

Less debt used for purchase (line 29 below)

(

Plus exchange expenses paid (worksheet 3)

Total cash paid (line 17 minus line 18 plus line 19)

Net cash received (if line 16 exceeds line 20)

$

or

Net cash paid (if line 20 exceeds line 16)

$

13 ) 14 ) 15

16

17 ) 18

19 20

21

22

ANALYSIS OF DEBT BOOT RECEIVED OR PAID

Debt relief - Exchange Property sale

Principal and interest payoff

$

Property tax proration (qualifies as debt relief)

Total debt relief

Debt incurred - Replacement Property purchase

New loan to acquire Replacement Property

Tax proration credit

Less debt acquisition costs (worksheet 3)

(

Net debt incurred to acquire Replacement Property

23 24 25

26 27 ) 28 29

Net debt relief or (if line 25 exceeds line 29)

$

30

or

Net debt incurred (if line 29 exceeds line 25)

$

31

_______________________________________________________ 1031 Corporation - Longmont/Boulder, CO

303-402-1031 (Local) 888-367-1031 (Toll Free)

FORM 8824 WORKSHEET

Worksheet 3

Tax Deferred Exchanges Under IRC ? 1031

ANALYSIS OF DEBT ACQUISITION COSTS - REPLACEMENT PROPERTY

Loan acquisition costs -

Points or origination fees

$

Loan processing fees

Loan appraisal fees

Loan credit reports

Other loan acquisition costs

Prepaid investment costs -

Insurance and tax escrow

Prepaid interest

Prepaid insurance

Other prepaid expenses

Other uses of loan proceeds -

_______________________

_______________________

_______________________

TOTAL DEBT ACQUISITION COSTS

$

ANALYSIS OF EXCHANGE EXPENSES

Exchange Property

Intermediary fees

$

Title insurance

Commissions

Recording fees

Legal fees

Other closing costs -

Replacement Property

$

Total Exchange Expenses

$

$

_______________________________________________________

1031 Corporation - Longmont/Boulder, CO

303-402-1031 (Local) 888-367-1031 (Toll Free)

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