1031 exchange for interest in Several Rental Units

Client traded a rental for interests in several rental units. I can't figure out how to repiort this in Lacerte. Any suggestions?

This topic has been closed for replies.

Best answer by George4Tacks

You will have to create an attachment to show the one for many 1031. The input in Screen 17 for Multi-Asset Exchanges is used to create summary numbers for your attachment. This link might help https://accountants-community.intuit.com/articles/1607474-using-the-like-kind-exchange-wizard-for-exchanging-one-1-asset-for-multiple-assets

FYI - In the future pick Lacerte as your topic and will end up with more responses in a much more legible "old" forum.

Level 15

You will have to create an attachment to show the one for many 1031. The input in Screen 17 for Multi-Asset Exchanges is used to create summary numbers for your attachment. This link might help https://accountants-community.intuit.com/articles/1607474-using-the-like-kind-exchange-wizard-for-exchanging-one-1-asset-for-multiple-assets

FYI - In the future pick Lacerte as your topic and will end up with more responses in a much more legible "old" forum.

Answers are easy. Questions are hard!

Level 2

Thank you George 4 .

Very helpful.

Larry

Level 3

In Lacerte how/where do you enter 1031 exchange 1 property into 3?

Level 15

Answers are easy. Questions are hard!

Sign up