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On August 15, 2018, Devon received a parcel of land in Phoenix worth $220,000
in exchange for a parcel of land he owned in Tucson. Because the Tucson parcel
was worth $245,000, he also received $25,000 cash. Devon’s adjusted basis for
the Tucson parcel was $210,000. He originally purchased it on September 18, 2015.
Best Answer Click here
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For those that really just need to know how to enter a 1031 in PTO
Answers are easy. Questions are hard!
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You have posted no Question.
You have a title and explained some facts.
You are not using the software to prepare a client's tax return. You seem to be in a classroom environment for the use of the program. A teacher would never want to learn you asked the internet. That's not how to learn.
Don't yell at us; we're volunteers
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This is NOT the place to get answers to homework questions. This is a forum for tax pro's who use Intuit software to help one another.
Go to irs.gov & Form 8824 and read the directions. OR, consult your textbooks (do they exist anymore???) or whatever resource material is provided by your instructor.
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Still an AllStar
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I do know how to do § 1031 exchanges; my latest was a one property into five properties.
That doesn't mean I have to share that knowledge for FREE.
As far as asinine/elitist - nope, just a tax professional.
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Actually, I don't see that you actually ASKED a question. You made statements.
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You've been mislead, which is something that is the fault of Intuit.
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"On August 15, 2018, Devon received a parcel of land in Phoenix worth $220,000
in exchange for a parcel of land he owned in Tucson. Because the Tucson parcel
was worth $245,000, he also received $25,000 cash. Devon’s adjusted basis for
the Tucson parcel was $210,000. He originally purchased it on September 18, 2015."
if you don't know how to do that or don't feel free to share then that is fine. but having an attitude about it isn't helpful.
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Before you question @abctax55's technical knowledge, you may like to click on her profile and check out the helpful votes she has received and the number of questions she has responded throughout all the years. She didn't earn her "AllStars" badge for nothing.
One of the rules of this forum is that only questions related to professional practices will be answered. In fact, some tax professionals do try to post questions related to their CPE courses but those are not entertained either.
Still an AllStar
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And over/out - I'm done with this thread.
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Still an AllStar
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https://www.intuit.com/partners/education-program/support/
Still an AllStar