Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1031 exchange

Highlighted
Level 1

I keep getting a Ref # 2050607 error for 1031 exchanges. I don't want to use the Like-Kind exchange wizard. 

Labels (1)
0 Cheers
5 Replies 5
Highlighted
Level 15

What does Ref # 2050607 say? I doubt it has anything to do with trying to force the wizard on you. My guess is that it is sorta asking you to verify that it is an exchange of real property. If it is, just ignore this warning and go on. 

 


ex-AllStar
Highlighted
Level 1

I thought it best to go ahead and use the Wizard. It is less flexible than reporting the sale on Form 8824, but I was able to manipulate the Wizard to produce the correct result.

Thanks,

0 Cheers
Highlighted
Level 15

I've never been able to get the wizard to work.

I come up with the correct amounts (using a snifty, 30+ year old worksheet I have..) and then force/override the amounts on the F 8824 to match.

@sjrcpa does the same thing 🙂

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
Highlighted
Level 15

I use TaxTools to create the worksheets (probably same as your spreadsheet) and from them I have had good success with the wizard. The wizard is NOT REQUIRED. I would still like to know what the diagnostic said.

 


ex-AllStar
0 Cheers
Highlighted
Level 15

Yes I do.


ex-AllStar
0 Cheers