I did a 1031 like kind exchange of one rental property for another rental property. I received a small amount of cash during the transaction, which I know has to be reported as gain.
I got through the 8824 process reasonably easily but I am stumped by what looks like the very last screen where TT says:
Report this transaction
Would you like to report this transaction on one of these activities
• No entry
• Business (schedule C)
• Rental or Royalty Property (schedule E)
It's obviously not schedule C. My question is whether the correct response here is "no entry" or "schedule E."
In researching this, I came across something that suggested that if no gain was recognized, then "no entry" is the correct response. Does this mean that because I had a small gain, I need to check the "schedule E" box here?
Thanks.
