Filing taxes after 1031 exchange, sell 1 buy 2

[Ken Calvin]

I would hire a CPA but I'm too small right now to reasonably afford it, so I'm hoping BPers can help.

Last year, I successfully executed a 1031 exchange, selling one SFR for $190k and buying two SFRs for $66k and $124k. Come tax time, I was entering the data into my H&R Block Deluxe when I ran into a roadblock at their Like-Kind Exchange wizard. It was supposed to make me Form 8824, but realized that it wasn't going to work. Did some research and IRS' website says to file a summary on one Form 8824 and attach my own statement. 

Would anyone be willing to share their statement (with fudged numbers and personal info)? I just want to know how it's supposed to be formatted and how lines add up. My fudged info below:

2018-07-01 Sold $190k, sales cost $12k, mortgage $141k, adjusted basis $61k

2018-08-02 Bought $66k, closing costs $4k, mortgage $53k, $1k EMD, the rest funded by exchange $16k

2018-09-03 Bought $124k, closing costs $6k, mortgage $93k, $21k funds from exchange, my own money $16k

Thanks everybody!

[Carl Fischer]

@Ken Calvin

I have to agree with @Michael Plaks on this one. Most 1031 intermediaries can help a little and mine intermediary is also a cpa. 

I’m wondering how much taxable gain was there in the sale?  190k - -12k=178k -$124k = $54k minus original down payment + sum of depreciation  and you netted $31k.  I assume “long term capital gains”.  I’m wondering what your tax could of been $6k @20% minus 1031 costs netting $4kto $5k savings. You also said you are “too small to afford a cpa” so you may only had to pay  $0 to $1500 in taxes - probably the same amount you paid for the the 1031.  

Who helped you make the decision to do a 1031 exchange? CPAs help you to see the light and save money. They are worth it especially for those starting out. I am all for DIY in areas you know , understand, and are good at. However this type of work takes away time from you finding another deal which I think is a more valuable use of your time. Pay the "tuition" to the cpa and maybe you can DIY on the next one. I don't even follow all the calculations in my 1031 exchanges. I ask the cpa what I am saving and determine if it's worth it. There is a lot of stress in finding replacement property, identifying, closing, etc. it's more than 1 form,, HUD statements, previous years tax returns, your tax bracket, Obama care tax add one, etc. Don't be penny wise and pound foolish.