Solved: Should I enter the sales price on the "Asset Entry worksheet" when doing 1031 exchange for rental properties?

singh · ‎12-07-2019

My client sold one of his rental homes for $570,000 (basis was $410,850) and bought another rental house for about the same price. He qualifies for 1031 exchange.

When I enter the sales price on "Asset Entry w/sheet" there is capital gain tax.

Will it be correct to NOT to enter the sales price on the worksheet?

Any help will be greatly appreciated.

Just-Lisa-Now- · ‎12-07-2019

https://accountants-community.intuit.com/articles/1608733-1040-completing-a-like-kind-exchange-of-bu...

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

Just-Lisa-Now- · ‎12-07-2019

https://accountants-community.intuit.com/articles/1608733-1040-completing-a-like-kind-exchange-of-bu...

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

singh · ‎12-07-2019

Thank you so much for such a detailed explanation of how I should handle the1031 exchange. I really appreciate your help. Thank you.

Should I enter the sales price on the "Asset Entry worksheet" when doing 1031 exchange for rental properties?

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