Charper1841
Level 2
‎09-07-2022 07:15 PM

I am entering a 1031 exchange in Lacerte for a partnership that carried the note on the property that was sold.  Where do I report the installment sale portion in Lacerte?  Is it entered in the 1031 exchange wizard?  I am entering from the depreciation schedule.

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sjrcpa
Level 15
‎09-07-2022 07:57 PM

Do they have a 1031 exchange? All sales proceeds are supposed to be used for the purchase of the replacement property.


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George4Tacks
Level 15
‎09-07-2022 09:51 PM

Installment sale: https://proconnect.intuit.com/support/en-us/help-article/form-8949/generate-form-6252-current-year-i...

 

The note carried back is consider cash received in computing the 1031 sale. Do a 1031 worksheet to see if it even qualifies. https://proconnect.intuit.com/support/en-us/help-article/form-8949/generate-form-6252-current-year-i...

 


Here's wishing you many Happy Returns

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