Re: Section 1031

Jenn70 · ‎03-31-2023

I have a 1031 exchange where they sold one property and purchased two. I have all work calculated and the deferred gain figured out but I cannot figure out how to get two properties recorded in Lacerte under one sale.

sjrcpa · ‎03-31-2023

As I recall you can't.

Going from memory - Fill out the form with totals and attach a statement with details about the 2 replacement properties.

Ex-AllStar

abctax55 · ‎03-31-2023

I do it in an excel spreadsheet then print to PDF, then attach.

"*******Tax software is no substitute for a professional tax preparer*******
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sjrcpa · ‎03-31-2023

So my memory was correct.

I thought you would know Anna.

Ex-AllStar

abctax55 · ‎03-31-2023

My favorite was a two for five properties. THAT spreadsheet was a work of art... well, maybe only if you are a tax preparer 😉

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

Section 1031

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