MonikaK1
Expert Alumni

Business & farm

If your Form 8824 didn't show any taxable gain for the current year from the exchange, then there wouldn't be any gain to transfer to Form 4797 or Schedule 1. If your entries on Form 8824 showed that the gain qualified to be deferred, that would appear on Line 24 of Form 8824 and will reduce your basis in the new property, which is shown on Line 25 of Form 8824.

 

Enter the new property as an Asset in the rental section of TurboTax if you haven't already, using the adjusted basis form Form 8824 and splitting out the portion that represents land.

 

 

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