Form 8824 and 4797

I just had a client bring me his paperwork on a 1031 from which he had received $26,000. Initially all he brought were net numbers from the exchange firm. After I figuring out the fair market values of the relinquished and received property, cost of sale and debt paid off during the transaction owed by the client (property given up was worth $300k more than property received, he had a 250,000 recognized gain on which he must pay tax this year. There are a lot of complex rules to know that would take too much time in this forum. Bottom line, hire a tax professional and take her/him all the paperwork including the settlement papers on both properties and a detail of the assets by date acquired, cost, accumulated depreciation, etc..Otherwise, you will spend more time and fee expense than you probably think is fair. Mike Lewis, CPA