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Get your taxes done using TurboTax
First time doing 1031 exchange as well. Went through the same issue. These messages were very helpful in figuring out where to look.
I had this question - " The item was sold, retired, stolen, disposed of converted ...." in the section "Tell us more about this rental asset" checked. This is under the Business Income & Expenses tab.
Once this question was unchecked; sale of business property will revert to zero
This also removes 4797 from the return.
In a Like-kind exchange the original asset is not being sold (on paper).
‎April 11, 2025
8:26 AM