chill444
New Member

Get your taxes done using TurboTax

So... I chatted with a TT support person as I was confused why the gain continued to transfer over. One item she had me do was to delete the rental property asset from the Assets/Depreciation section of the rental profile. This removed the form 4797 and the capital gain, but this did not feel like the correct closure for the asset. The form 8824 is there and showing the deferred gain.

 

Does this make sense that the asset would be deleted since it was sold under the 1031 program?