abctax55
Level 15
12-07-2019
08:55 AM
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Report the beginning of the § 1031 on the 2018 return ('cuz you have to stop the depreciation). Zero out/suppress the realized gain - I'm sure HOW in PS as I use Lacerte.
Personal property doesn't qualify for § 1031 treatment effective 1.1.2018 per TCJA of 2017. So you'll need to allocate the sales price and report the gain related to those assets on the 2018 return.
Determine that allocation of the sales price could be a lot of fun....were those assets listed separately on the deprec. schedule?
HumanKind... Be Both