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Form 4797 / 8824

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Level 1

Somehow I ended up with a gain on sale of property being recorded on Form 4797 when I should have a tax free exchange on form 8824. How do I delete Form 4797 (this transaction relates to real property that is not a business)?

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2 Replies 2
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Level 15
Level 15

Did you enter the sales price on the asset entry worksheet?  In a 1031 exchange you wouldn't enter a sales price there, only a date of disposal.  Try these instructions and see where your misstep occurred.

https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-busi...

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 1

Thanks! That seems to have worked...