danvirden
Level 1

I am trying to record a federal sale of a truck that was traded for another truck. The old truck had Section 179 deduction of $15,000 and was fully depreciated. Entering the sale information for the federal return to show a gain and doing the like kind exchange wizard for the non conforming state, leads to the program listing the Section 179 amount as basis on the form 4797. Is Lacerte aware of this problem?

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sjrcpa
Level 15

Is this an S Corporation or a Partnership?

It is best to keep to one question and add details as needed, or when you didn't provide them in the OP.

https://accountants-community.intuit.com/questions/1816040-how-are-like-kind-exchanges-for-non-confo...


The more I know the more I don’t know.

View solution in original post

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danvirden
Level 1
It is an S-Corporation
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sjrcpa
Level 15
Are getting disposal of Section 179 asset information on the K-1s?

The more I know the more I don’t know.
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