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Please, is there anyone who could help me on this tax return for a client. First time using PTO and I'm having a hard time for the past week. When client has a 1031 exchange property from CA selling it in 2018 which had a depreciation of the land, and a replacement property in the same year in NY.
Should I use ONLY "Depreciation" and "Like-Kind exchange 8824 form" in Deductions, or do I ALSO need to use the "Schedule D", "4797 form" and "Like-Kind exchange 8824 form" in Income?
Also, do I need to file the form CA 3840 final as well? TIA
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If you have depreciation, this is likely the article to get you started. https://accountants-community.intuit.com/articles/1628244-how-do-i-enter-a-like-kind-exchange-in-the...
Yes, you do need to file the 3840 for 2018 and every year thereafter until the exchange property is sold.
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Answers are easy. Questions are hard!
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"...which had a depreciation of the land".
Land is not depreciated. Are there also improvements involved?
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