1031 Wizard miscalculates basis and accumulated depreciation

[Carol110]

Do any of you have this problem using the Lacerte 1031 Wizard?  My basis on the property given up and its accumulated depreciation as calculated by the wizard
 doesn't match the Lacerte depreciation schedule.

[George4Tacks · Accepted solution]

Other users have voice problems with the wizard. Be sure you have properly picked up all the bulk sale assets. I do back up my return BEFORE running the wizard, just in case. 

I have always had good luck with it, but I do prepare a worksheet before doing the wizard. My other software of choice is Tax Tools and the worksheets from it make for proper input on the wizard. 

[Carol110]

Thanks so much.  I hadn't picked up one of the bulk assets.

[Laszlo]

1031 Wizard does not calculate the combined value for the land and improvements for Condo rental. 

Building was depreciated, Land was not.

It does not create form 8824.

Your inputs ppreciated.

[Laszlo]

Would anybody answer this 2 week old  question

[George4Tacks]

@Laszlo The question was "Do any of you have this problem using the Lacerte 1031 Wizard?" and I believe that was clearly answered YES!

It sound like you are having difficulties linking all of the assets of the property being disposed of. https://proconnect.intuit.com/community/federal-taxes/help/entering-a-like-kind-exchange/00/3634