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How do you defer a like kind exchange gain? When I use the "like kind exchange wizard" it automatically recognizes the gain.

sallymb
Level 1
 
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2 Comments 2
sjrcpa
Level 15

First work thru the 8824 manually. It is possible to have a taxable gain. Or it's possible the form is filled out incorrectly. I have never had good luck with the wizard.


Ex-AllStar
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George4Tacks
Level 15

I will put in my usual plug for Tax Tools https://www.taxtools.com/products_tt.aspx I has a wonderful 1031 worksheet that really helps to get things in order for the wizard, or just to do it brute force. There are other very useful things in the product.

You can also do an internet search for the 1031 worksheet. Get it done to make the exchange work. 


Here's wishing you many Happy Returns