jlew1229
Level 3
01-27-2023
05:02 PM
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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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