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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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1031 exchange calculations
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michele
Level 7
10-11-2023
02:58 PM
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It has been a couple years and I don't like what the wizard is showing. The property has a basis of
30670 Property was sold for 165,000 the fair market value of the new property is 350,00. The wizard is wanting to show a differed gain of 319,000 when the differed gain should be the difference of 134330, (165,000 - 30670 ) Any one else have trouble with the wizard the only way to get the differed gain correct is to put in the 165,000 as value of property received which it was not. Did not seem like I had problems in the past getting correct amounts.
thx
Michele
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