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VPBC1
Level 3
04-05-2022
07:46 PM
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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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3 Comments 3
TaxGuyBill
Level 15
04-05-2022
08:06 PM
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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-
Level 15
04-05-2022
08:27 PM
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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-busi...
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Are you using the PS instructions for 1031 exchange?
https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-busi...
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
VPBC1
Level 3
04-07-2022
08:46 AM
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Thank you for the prompt response and the link which provided step by step instructions.
