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2050607
I have a valid like kind exchange which the Tax Cut and Jobs Acts changes does not apply.
What do I need to do to clear the diagnostic and e-file?
....... Informational review "Exchanges of real property not held primarily for sale, including machinery, equipment, vehicles and intangible property, no longer qualify for tax-deferred treatment of capital gains." ....."Now, when a taxpayer trades a piece of equipment for another piece of equipment, the trade-in value given for the old equipment will be reflected as the sales price, along with depreciation recapture; in addition, the full purchase price will qualify for bonus depreciation and sec. 179."
