1031 Exchange, my question is, How do you zero out the capitol gains? Should there be capitol gains?
The 8824 that i am fill out gives the taxpayer a 70k captiol gains.
Thank you.
Sylvia
Solved! Go to Solution.
If they did a true like kind exchange there is no capital gain. If they received cash somewhere in the process, you will end up with capital gains.
Did you follow these instructions for entering in ProSeries?
https://proconnect.intuit.com/community/help-articles/help/1040-completing-a-like-kind-exchange-of-b...
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Net relief from liabilities also triggers recognized gain.
Thank you for your reply, Yes I did follow the Proseries instructions. Just wanted to certain.
SillySly
Thank you for confirming the capitol gains.
Sillysyl
