2050609
The following diagnostic is generating: The following diagnostic is generating: "Under the newly enacted "tax Cuts and Jobs Act", like kind exchanges completed after December 31, 2017 are limited to exchanges of real property that are not primarily held for resale. A transition rule does provide relief for a transaction if the property given is disposed of, or if the replacement property is received prior to January 1, 2018. Please review the disposition to confirm it qualifies as a like kind exchange under the new law. If not, the disposition should be entered as a normal disposition and not like kind exchange." The exchange was a car for another car used less than 50% for business. The exchange was done in 2021. Would someone help me clear this diagnostic? Thanks.
