Solved: How do I record a Like-Kind Exchange of an automobile for a Schedule C business on the automobile worksheet?

KMACK · ‎12-07-2019

abctax55 · ‎12-07-2019

2018 ?

You don't. TCJA - 2017 did away with § 1031s for everything except real property.

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abctax55 · ‎12-07-2019

2018 ?

You don't. TCJA - 2017 did away with § 1031s for everything except real property.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

TaxGuyBill · ‎12-07-2019

And if your State still allows it, that would be done on the State return.

abctax55 · ‎12-07-2019

I'd be sorely tempted to just opt out at the state level.

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TaxGuyBill · ‎12-07-2019

Minnesota still allows 1031 exchanges ... and for some reason none of my clients have "traded in" their vehicles this year.

abctax55 · ‎12-07-2019

I like your style...

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KMACK · ‎12-07-2019

Thank you so much! I was driving myself crazy trying to figure out why Line 53 on the auto worksheet no longer linked to Form 8824.

How do I record a Like-Kind Exchange of an automobile for a Schedule C business on the automobile worksheet?