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- Problem with entering Like-kind exchange in ProConnect
Problem with entering Like-kind exchange in ProConnect
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Babak
Level 3
14 hours ago
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My client had a 1031 exchange in 2023 (when I did not work with them). I tried to construct the 2023 tax return for them first and then move to 2024 return. I entered info regarding the 1031 exchange using this link (https://accountants.intuit.com/support/en-us/help-article/federal-taxes/completing-like-kind-exchang...) and saw two problems: 1. The depreciation for the old property was not accurate (it was sold in February but it appears to be depreciated for almost the entire year). 2. the old property (that was given up in Feb 2023) is still being depreciated in 2024. What am I doin wrong? is it another/better article that I can use to enter the 1031 exchange without having these problems?
Thanks
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