I am preparing a like kind exchange with the 1250 gain. How do I show this in proseries and show depreciation recapture?

[sjrcpa · Accepted solution]

If the entire transcation qualifies as a tax free 1031 exchange there is no recapture income.

[TaxGuyBill]

Somebody didn't like your answer.

@pamfisch   Is there a taxable gain?  If so, it regular 1250 Gain or is it truly "recapture" (depreciation in excess of straight-line, which is rather unusual for 1250 property)?  Did you link the Asset Entry Worksheet to the 8824?

[pamfisch]

How do you link asset entry worksheet to 8824 in Proseries

[Accountant-Man]

Enter disposition date on asset worksheet, BUT DO NOT ENTER SALES DATA.

Create new F8824. Link to Schedule E by double clicking on line A. Enter data manually and answers applicable questions.