mike9
Level 4
12-07-2019
10:17 AM
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Is Recognized Gain calculated on form 8824 ordinary income? Shouldn't the gain exceeding Depreciation recapture be Capital Gain?
Pro Series is reporting the total gain as Ordinary Income
Any help will be immensely appreciated
Thank You
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George4Tacks
Level 15
12-07-2019
10:17 AM
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Short answer is no, not automatically. You probably need to go back and review your input. 1031 is a tricky computation.
Also consider an external worksheet. I LOVE TaxTools, it has a great worksheet as part of it's immense listing of other useful tools. If you call them they might give you a deal on this year's release if you buy next year. https://www.taxtools.com/products_tt.aspx
Google can also find some free excel or other "1031 worksheet"
Here's wishing you many Happy Returns