Like kind exchange but the gain is also reflected on 4797 as a gain on the sale of the original asset. How do I get that removed since the entire gain is deferred?

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I have a like kind exchange that appears to be calculating correctly.  The entire gain is deferred and the basis in the new asset has been updated correctly.  However the gain is reflected on 4797 as taxable gain and I can't figure out how to get that removed.

[MarilynG]

See if this info works:

"The like-kind exchange may have been entered correctly, but the sale may also have been entered which would result in a taxable gain showing on Schedule D.

Check your input under the section Business Income, Less Common Business Situations, Sale of Business Property.  The box on the bottom for additional like-kind exchanges should be checked.  

If the box on top, sales of business property is checked, you may also have entered it as a sale.  If you continue further, it should take you to a screen that shows Sale of Business Property (Copy 1). 

 If information was entered there, you probably have to delete it (Copy 1) because that's producing Form 4797 and Schedule D.  As you continue further in this section, you should see the like-kind gain previously entered, which should be the only input in this section.

By: hbbcpa"

[Anonymous]

read <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3261759">https://ttlc.intuit.com/questions/3261759</a> - especially the additional answer from stuart!