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Video instructions and help with filling out and completing Where Form 4797 Exchanged

Instructions and Help about Where Form 4797 Exchanged

Hello and welcome to the session and which would look at the basis and a like-kind exchange so before we before you keep going with this lecture if you don't know how to calculate realized gain recognized gain please take a look at the click on the prior lecture which is should be on the top and look at the prior lecture to understand how like-kind exchanges work how to calculate the realize this is what we learn in the prior session realized recognized and obviously the post pwned okay we looked at those three terms realized recognized and postponed change so if you don't know what these are and how we calculate them this will not make any sense to you okay but let's look at the formula and see how it works and try to make some sense out of it by working some examples the basis in the like-kind property so how do we calculate the basis and a like-kind property can a like-kind property okay and what we do is one way to do it to calculate the basis of the new asset let's take the fair market value of the new asset okay fair market value of new - gains not recognized gains not recognized means what it means oops be careful don't confuse recognized with not recognized this is not recognized means post pwned gain so this is gain that's not recognized plus lost not recognized what is lost not recognized because some students they see are recognized and they know not recognized it means plus postponed loss okay so this is a formula to calculate the basis in new property or a new asset now if you are receiving boot the basis in the boot is the fair market value of the boot...