Like-kind exchange

[sillysyl]

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

[IRonMaN]

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.

[Just-Lisa-Now- · Accepted solution]

Did you follow these instructions for entering in ProSeries?

https://proconnect.intuit.com/community/help-articles/help/1040-completing-a-like-kind-exchange-of-b...

[sjrcpa]

Net relief from liabilities also triggers recognized gain.

[sillysyl]

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

SillySly

[sillysyl]

Thank you for confirming the capitol gains.

Sillysyl

[sillysyl]

Thank you.

Sillysyl