- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client had a 1031 exchange in 2023 (when I did not work with them). I tried to construct the 2023 tax return for them first and then move to 2024 return. I entered info regarding the 1031 exchange using this link (https://accountants.intuit.com/support/en-us/help-article/federal-taxes/completing-like-kind-exchang...) and saw two problems: 1. The depreciation for the old property was not accurate (it was sold in February but it appears to be depreciated for almost the entire year). 2. the old property (that was given up in Feb 2023) is still being depreciated in 2024. What am I doin wrong? is it another/better article that I can use to enter the 1031 exchange without having these problems?
Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
go back and fix the 2023.
Answers are easy. Questions are hard!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I assumed that is the solution and if you read my question, that's why I asked if there is another article that I can use to do the like-kind exchange for 2023 since this one didn't help much!