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- Critical Diagnostic 2050607 - 1031 Like-Kind Exchange in Schedule D
Critical Diagnostic 2050607 - 1031 Like-Kind Exchange in Schedule D
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chelseagoode
Level 2
02-10-2021
04:18 PM
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I have followed the instructions provided on the Lacerte Intuit Help board to input a like-kind exchange into the schedule D (dispositions) screen. However, I am receiving critical diagnostic ref #2050607 "Under the newly enacted "Tax Cuts and Jobs Act", like kind exchanges completed after December 31, 2017 are limited to exchanges of real property that are not primarily held for resale ... "
The property given up is real property that was held by the fiduciary, but not as an asset held for resale.
Is there a field I am missing in my entry to have this transaction process through schedule D as a real asset not held for resale?
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George4Tacks
Level 15
02-11-2021
12:17 PM
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These instructions? https://proconnect.intuit.com/community/federal-taxes/help/entering-a-like-kind-exchange-1031-exchan...
My best guess is that in the Form 4797 section you need to make an entry in the:
Blank=1245, 1=1250, 2= .... line with a 1 to indicate real property
Here's wishing you many Happy Returns
