Hello,
Last year, I used a 1031 Exchange to trade a rental property in Indiana for one in Tennessee. Using the instructions from this helpful discussion, I found the relevant fields to fill in, and I believe I filled them in properly. But a strange thing is happening.
In the "Like-Kind Exchanges" summary page, I'm seeing a recognized gain of $29,785 and a Deferred Gain of $54,320:
Yet for some reason, when I click "Done," I see a loss of nearly $120k in the "Sale of Business Property" section:
This exchange is the only thing I entered into that section, so I have no idea where this loss is coming from. It's changing my total income pretty significantly and resulting in a lovely tax refund that I really don't deserve. Any suggestions on how to fix this?
