1031 lacerte calculation does not seem correct

Forum|Forum|6 years ago
December 6, 2019
3 replies
19 views

seller sells for 1,000,000 . cost 700.000, depreciation 200,000-

he has mortgage of 900,000, --All he buys is one property for 100,000 as exchange. I get taxable gain of 500,000

He got 100,000 cash on sale and put this 100,000 down to buy new property, all cash.

lacerate calculates no taxable gain. where I am inputting incorrectly?

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

Look at the actual form to figure out where you went wrong. That's what I always do. The input is not intuitive - to me at least.

sjrcpaAnswer

Level 15

Look at the actual form to figure out where you went wrong. That's what I always do. The input is not intuitive - to me at least.

The more I know the more I don’t know.

T

TaxMonkey

Level 7

Why would he even do a 1031 exchange given that fact pattern? What a waste.

PhoebeRoberts

Intuit Community Champion

It's not clear to me from the description of events that he *did* accomplish a 1031 exchange. I see lots of selling and buying and getting and putting, but no accommodator.

George4Tacks

Level 15

As stated, there really is no purpose to trying to generate the 8824. A straight sale and purchase of the new property would have generated the same $500,000 gain.

Use Ctrl + W to see the batch input for screen 17 and it should look something like my image. I think you did not input the $900,000 for Old loans on property given up (code 18)

Answers are easy. Questions are hard!

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