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I'm doing a 1031 exchange. TT populated form 8824 and told me I had a deferred gain that was not taxable this year, so why is it shown as a taxable gain on sch D line 11?
I used a qualified intermediary and identified and bought the new property in the allotted time frame. In TT, I went to business income, sale of business property, and checked the box for a like-kind exchange. In schedule E, for my rental properties, at first I indicated that the exchange property had been sold, but after reading the fine print, which says not to check that box if it's a like-kind exchange, I unchecked it. It didn't change the outcome, however, and both ways I'm being charged for capital gains on something that should be deferred.
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May 31, 2019
5:31 PM