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Eric5
Level 2
August 24, 2020
Question

Form 4797 / 8824

  • August 24, 2020
  • 2 replies
  • 6 views

Somehow I ended up with a gain on sale of property being recorded on Form 4797 when I should have a tax free exchange on form 8824. How do I delete Form 4797 (this transaction relates to real property that is not a business)?

    This topic has been closed for replies.

    2 replies

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    August 24, 2020

    Did you enter the sales price on the asset entry worksheet?  In a 1031 exchange you wouldn't enter a sales price there, only a date of disposal.  Try these instructions and see where your misstep occurred.

    https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-business-property-1031/00/5827

     

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      E
      Eric5Author
      Level 2
      August 24, 2020

      Thanks! That seems to have worked...

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