- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
See if this info works:
"The like-kind exchange may have been entered correctly, but the sale may also have been entered which would result in a taxable gain showing on Schedule D.
Check your input under the section Business Income, Less Common Business Situations, Sale of Business Property. The box on the bottom for additional like-kind exchanges should be checked.
If the box on top, sales of business property is checked, you may also have entered it as a sale. If you continue further, it should take you to a screen that shows Sale of Business Property (Copy 1).
If information was entered there, you probably have to delete it (Copy 1) because that's producing Form 4797 and Schedule D. As you continue further in this section, you should see the like-kind gain previously entered, which should be the only input in this section.
**Mark the post that answers your question by clicking on "Mark as Best Answer"