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1031 Wizard miscalculates basis and accumulated depreciation

Carol110
Level 2
Do any of you have this problem using the Lacerte 1031 Wizard?  My basis on the property given up and its accumulated depreciation as calculated by the wizard
 doesn't match the Lacerte depreciation schedule.

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1 Best Answer

Accepted Solutions
George4Tacks
Level 15

Other users have voice problems with the wizard. Be sure you have properly picked up all the bulk sale assets. I do back up my return BEFORE running the wizard, just in case. 

I have always had good luck with it, but I do prepare a worksheet before doing the wizard. My other software of choice is Tax Tools and the worksheets from it make for proper input on the wizard. 


Answers are easy. Questions are hard!

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5 Comments 5
George4Tacks
Level 15

Other users have voice problems with the wizard. Be sure you have properly picked up all the bulk sale assets. I do back up my return BEFORE running the wizard, just in case. 

I have always had good luck with it, but I do prepare a worksheet before doing the wizard. My other software of choice is Tax Tools and the worksheets from it make for proper input on the wizard. 


Answers are easy. Questions are hard!
Carol110
Level 2
Thanks so much.  I hadn't picked up one of the bulk assets.
0 Cheers
Laszlo
Level 1

1031 Wizard does not calculate the combined value for the land and improvements for Condo rental. 

Building was depreciated, Land was not.

It does not create form 8824.

Your inputs ppreciated.

0 Cheers
Laszlo
Level 1

Would anybody answer this 2 week old  question

0 Cheers
George4Tacks
Level 15

@Laszlo The question was "Do any of you have this problem using the Lacerte 1031 Wizard?" and I believe that was clearly answered YES!

It sound like you are having difficulties linking all of the assets of the property being disposed of. https://proconnect.intuit.com/community/federal-taxes/help/entering-a-like-kind-exchange/00/3634

 


Answers are easy. Questions are hard!
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