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LACERTE - How do i add to basis the improvements made in year of like kind exchange?

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Level 2

My client made about $60,000 improvements/remodel to a rental duplex prior to relinquishing the property in a like kind exchange (LKE.) How do I enter those improvements in a way that they increase the basis of the property? These were made the same year as property exchanged - no entry for depreciation. Had they been entered as improvements Lacerte does not recognize as real property eligible for a 2019 LKE and a critical diagnostic pops up.

Thank you.

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1 Solution

Accepted Solutions
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Level 15

That diagnostic is just a warning and can be ignored. 


ex-AllStar

View solution in original post

2 Replies 2
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Level 15

That diagnostic is just a warning and can be ignored. 


ex-AllStar

View solution in original post

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Level 2

OK. Thanks.

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