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Partnership

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Level 1

I am preparing a partnership return. Real property was sold with one partner electing to use Section 1031 and the other partner is taking the gain. How do I report in Lacerte?

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2 Replies 2
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Level 15

Did they drop the property down (distribute it) to the partners before the sale/exchange transaction?


ex-AllStar
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Level 15

Research "drop & swap".  If that was not done prior to the sale, one partner doesn't get to *elect* to use §1031.

Former Chump... umm.... AllStar.
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