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V
VPBC1
Level 3
April 6, 2022
Question

like kind exchanges

  • April 6, 2022
  • 2 replies
  • 11 views

Rental condo in a 1031 exchange.  Gain is being calculated on 4787 and on to 1040.  Gain should not be recognized but reduce basis in new property.  How do I get rid of the gain.  Should flow to 8824 like kind exchanges in my view.  Need help checking the boxes and with forms.

Virgil

 

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2 replies

T
TaxGuyBill
Level 15
April 6, 2022

Do you have the Asset Entry Worksheet 'linked' to the 8824?

Have you looked at the 8824 to check that all of the numbers are correct?

 

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    April 6, 2022
    got some taxable boot?

    Are you using the PS instructions for 1031 exchange?
    https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-business-property-1031/00/5827
    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      V
      VPBC1Author
      Level 3
      April 7, 2022

      Thank you for the prompt response and the link which provided step by step instructions.  

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