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They replaced the tractor.
They have a gain on the fully depreciated tractor.
How do I transfer the gain into the badis of their new tractor?
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https://www.journalofaccountancy.com/issues/2002/sep/thetimingofsection1033elections.html
Here's wishing you many Happy Returns
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Thanks for the response. I know the law. I was trying to figure out how to do it in proseries.
How do I take care of the Gain and transfer it into a new asset in ProSeries? (It is an involuntary conversion).
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Maybe @TaxGuyBill can provide the HOW TO.
Here's wishing you many Happy Returns
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As the article that George gave you pointed out, you can just omit the old property. So enter the disposition date in the disposition section, and leave the sale price BLANK. Or if you want it to show up on the tax return, enter a sales price to result in a $0 gain/loss.
Calculate the gain, and just add it to the Basis when you enter the Asset Entry Worksheet for the new property.
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Thanks for the correction. 🙂