I have filed returns before with1031 exchanges. This is the first with Proseries. Stuck on one entry on Form 8824. Specifically, on the Summary Smart Worksheet, Item L, "Cash Received". Is this
1. The amount realized from the sale of the relinquised property?
2. Cash received in addition to the FMV of the replacement property? In this case, the taxpayer just received the replacement property with no debt assumed so the value on Item L would be $0.
Cash received is cash received. If there was a pure exchange of property, there would be no cash received. Cash = gain recognized.
and ex marks the spot where those rocks and anvils hit me.
https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-busi... may help
Thanks for the extra reference. I am having a little trouble with Items P & Q on the Smart Worksheet.
P = "Ordinary income under recapture rules." This would seem to be 1250 depreciation taken
Q = "....Unrecaptured Section 1250 gain". It looks like it's the same as P and instructions are a little hard to understand.