Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

RECOGNIZED GAIN ON FORM 8824 ( BOOT)

Highlighted
Level 3

Is Recognized Gain calculated on form 8824 ordinary income? Shouldn't the gain exceeding Depreciation recapture be Capital Gain?

Pro Series is reporting the total gain as Ordinary Income


Any help will be immensely appreciated


Thank You

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 15

Short answer is no, not automatically. You probably need to go back and review your input. 1031 is a tricky computation.

https://accountants-community.intuit.com/articles/1862349-1040-completing-a-like-kind-exchange-of-bu... 

Also consider an external worksheet. I LOVE TaxTools, it has a great worksheet as part of it's immense listing of other useful tools. If you call them they might give you a deal on this year's release if you buy next year. https://www.taxtools.com/products_tt.aspx

Google can also find some free excel or other "1031 worksheet" 


ex-AllStar

View solution in original post

0 Cheers
1 Reply 1
Highlighted
Level 15

Short answer is no, not automatically. You probably need to go back and review your input. 1031 is a tricky computation.

https://accountants-community.intuit.com/articles/1862349-1040-completing-a-like-kind-exchange-of-bu... 

Also consider an external worksheet. I LOVE TaxTools, it has a great worksheet as part of it's immense listing of other useful tools. If you call them they might give you a deal on this year's release if you buy next year. https://www.taxtools.com/products_tt.aspx

Google can also find some free excel or other "1031 worksheet" 


ex-AllStar

View solution in original post

0 Cheers