VPBC1
Level 3

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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TaxGuyBill
Level 15

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
Level 15
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♥¸¸.•*¨*•♫♪
VPBC1
Level 3

Thank you for the prompt response and the link which provided step by step instructions.  

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