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.
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George, I need to correct the input originally entered through the LKE wizard - is there an easy way to clear out all the changes that have been made so I can rerun the wizard with the updated numbers?