Like-kind exchange

1031 Exchange, my question is, How do you zero out the capitol gains? Should there be capitol gains?

The 8824 that i am fill out gives the taxpayer a 70k captiol gains.

Thank you.

Sylvia

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Best answer by Just-Lisa-Now-

Did you follow these instructions for entering in ProSeries?

Level 15

If they did a true like kind exchange there is no capital gain. If they received cash somewhere in the process, you will end up with capital gains.

Slava Ukraini!

Level 15

Net relief from liabilities also triggers recognized gain.

The more I know the more I don’t know.

Level 3

Thank you.

Sillysyl

Answer

Intuit Community Champion

Did you follow these instructions for entering in ProSeries?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Level 3

Thank you for your reply, Yes I did follow the Proseries instructions. Just wanted to certain.

SillySly

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