I filled in the 'like kind' portion of TT to account for my 1031 exchange, yet it still seems to have raised my taxable income substantially when the 'like kind' should have create a zero taxable income increase.
End of the like kind says: your like kind exchange results: 'no taxable gain' yet I also have an increase in federal tax due of like 15k so not sure what is still lacking in my input.
Note: I wasn't sure how to calculate AMT adjusted basis (do I just add the total depreciation deducted over 20 years or ... ?) so didn't include it yet.
Also didn't include 'fair market value' although Zillow would give value as higher than I sold it for.
Entered the sale of the 'home' part of the duplex and that was close to zero profit based upon the 250k deduction I took as homeowner, so that part good, just the rental part still not quite right
Thanks so much,
Adam
