jlew1229
Level 3

A new client sold a rental property and did a like kind exchange for a new property- Actually 2 new rental properties .  

I have the Form 8824 from the previous tax preparer.   The deferred Gain was $1,155,733 (line 24) and the basis of the like kind property received is $898,848.00 (line 25)     (Line 19 was 1,329,304 and line 23 was 173,571) 

From the instructions for form 8824, line 25 is the basis for the (2) new properties.  I

How do I account for the deferred gain of $ 1,155,733 in Lacerte?    It is more that the basis on line 25. 

Thank you in advance for your help.

 

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