Do I report 1031 exchange transaction to schedule C or schedule E?
I had sale & replace a rental property which is owned by a single owner LLC. I entered 1031 exchange in the TT Like Kind. After entering all info in TT Like Kind section, it asks "Would you like to report this transaction on one of these activities?" The three options are "no entry", "Schedule C", Schedule E". Which one should I enter? I entered the income of the rental in schedule E. I also entered the expenses that are not included in the escrow close statement of the 1031 exchange in the business expenses section.