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Working on a 1031 exchange of land. I can't get the gain to show as deferred. What am I missing?

scooper29
Level 1
 
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8 Comments 8
sjrcpa
Level 15

Did the replacement property cost more than the sale price of the relinquished property?


Ex-AllStar
scooper29
Level 1

Yes, land sold was 40 with a cost of 10 and land purchased was 165.

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sjrcpa
Level 15

I always have trouble with this form in the software.

I fill it out by hand, then go back to the software and fiddle around with the input til it's correct.


Ex-AllStar
Stella503
Level 1

Did you figure this out? I have a 1031 exchange where raw land was sold in exchange for a rental. Where did you enter this? I keep receiving a critical diagnostic error to check and make sure that it qualifies as a 1031.

 

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scooper29
Level 1

I have not **bleep** ProConnect for this filing and mail in the return.  I am disappointed as it seems there should simply be a checkbox that confirms that it qualifies for 1031 exchange.

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scooper29
Level 1

That was strange.  I didn't say bleep. I said I may not use ProConnect for this filing.  hmmmm

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George4Tacks
Level 15

Intuit censors the weirdest words. If you want to use one you need to be sneaky to say C R A P and not get it bleeped. On the other hand you put too many letters in but and it it gets to be butt and the inevitable happens. 

Form 6252 can be gotten - I like to show in pictures

1031 1.jpg1031 2.jpg1031 3.jpg


Here's wishing you many Happy Returns
scooper29
Level 1

Thank you - I will pick through in a few minutes, as I must be missing something simple.  I have completed as you have shown.  I am certain to find some little thing I did wrong that throws it into gain instead of deferred gain.  Thanks again.

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