Should I enter the sales price on the "Asset Entry worksheet" when doing 1031 exchange for rental properties?

[singh]

My client sold one of his rental homes for $570,000 (basis was $410,850) and bought another rental house for about the same price. He qualifies for 1031 exchange.

When I enter the sales price on "Asset Entry w/sheet" there is capital gain tax.

Will it be correct to NOT to enter the sales price on the worksheet?

Any help will be greatly appreciated.

[Just-Lisa-Now- · Accepted solution]

https://accountants-community.intuit.com/articles/1608733-1040-completing-a-like-kind-exchange-of-bu...

[singh]

Thank you so much for such a detailed explanation of how I should handle the1031 exchange. I really appreciate your help. Thank you.