I am sure this complex tax situation can be resolved by following these steps:
If you are using Home and Business (Desktop) or/Self-employed (Online)
Select the Business Tab
- Go the Section, "Less Common Business Situations"
- Select Sale of Business Property
- The screen will ask "any other property sales?"
- Select "any additional Like kind exchanges.
- Click on "Add an Exchange"
From there, you will see the entry for the property given up. There is no Form 1099-S to enter. However, you are entering the information that is reported on the Form 1099-S pursuant to the sale. Secondly, you will then enter the property that was received in the exchange.
If you are using Premier/Deluxe
Sale of Business Property is under the Wages and Income Tab
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