1031 exchange

[acitrola]

Client is a partnership with 2 partners.

Client owns a two family residential property.  No mortgage.

Client enters into a fully sanctioned 1031 exchange. 

A two family dwelling is sold to a third unrelated party.  All the cash from the sale is sent directly to the fiduciary handling the exchange.

Question #1: do I reflect the sale of the dwelling on the asset information worksheet?  Since the value of this property (sale proceeds) will be shown on Form 8824 I thought I would be showing it twice.  Also, if I show it as a disposition a large gain appears on form 4797.

Question #2: the house is sold.  Only cash is given up (no other property.)  

On line G, in the summary smart worksheet, it asks "fair market value of like kind property given up."

Since only cash is given up can I safely assume I enter the total cash paid in/given up on this line?

Thank you for your advice and comments!

[qbteachmt]

Where's the rest of the exchange? What about the replacement or exchanged property?

Property 1 sells, $ goes into Property 2 (or 2 and 3 and...), leaving cash on hand, or requiring financing or a balance payment.

[George4Tacks]

I like to complete a worksheet for the 1031 before completing software input. There are many worksheets out there. This one is an excel download that I think does a good job. https://www.efirstbank1031.com/documents/Form8824Worksheet.xls

You should carefully review the instructions for ProSeries https://accountants.intuit.com/support/en-us/help-article/partnership/completing-like-kind-exchange-...

#1 Value of the property is full sale price

#2 See #1

Do more work with some worksheet of your own selection https://www.google.com/search?q=1031+worksheet