Level 3
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Investors & landlords

After entering info for a 1031 exchange using the Step By Step entry mode, the page with the title 'Your Like-Kind Exchange Results: New Property Basis' appears to show an inconsistency: It starts off correctly showing my basis in the new asset receive in this exchange is $335K for regular tax purposes and also for AMT purposes, and then a couple of other statements stating that I would need these amounts to calculate the gain upon the sale of this property or if I need to depreciate this property, both of which seem correct. However, at the end of this section, it states the following, which contradicts what was displayed at the top section, and does not seem to be correct: 'Based on the information you entered, your basis for determining the gain or loss when you sell of trade the like-kind property you received in zero; You also have no basis for depreciation of this property.' Is there a bug in the software?