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Get your taxes done using TurboTax
I use Turbo Tax Home & Business. I did not report the sale on 4797 but on Form 8824. Part 1: listed like-kind property given up and received with the dates. Part III lists the realized gain/loss, recognized gain, basis of like-kind property received. The property given up was in 2020. The property gained was in 2021. The like-kind period overlapped two tax years. So, this year I am to add the like-kind received on Sch. E (I couldn't add it last year since it wasn't received in TY2020.) Seems to be working now!
‎January 17, 2022
6:06 PM