Closing Statements
Relinquished Property Transaction: Replacement Property Transaction:
|
Gross selling Price |
246,000.00 |
Gross selling Price |
295,000.00 |
|
Prorated taxes |
(8,500.00) |
Ernest money deposit |
(20,000.00) |
|
Loan Assumption |
(100,000.00) |
New Loan |
(145,000.00) |
|
Real Estate Commission |
(5,000.00) |
||
|
Title policy |
(1,000.00) |
||
|
Exchange fee |
(1,500.00) |
||
|
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|
Cash to intermediary |
130,000.00 |
Cash from intermediary |
130,000.00 |
Line 18 form
8824 sample( which in this case is also basis of the new property since there is no recognized gain.|
Basis of old property |
$100,000.00 |
|
Ernest money given on new property purchase |
20,000.00 |
|
Receipt of pro-rated taxes |
(8,500.00) |
|
New Loan |
145,000.00 |
|
Old loan assumed |
(100,000.00) |
|
Exchange expenses |
7,500.00 |
|
Total |
$164,000.00 |