topic Like Kind Exchange generating a gain in State tax filing

Like Kind Exchange generating a gain

RehbergW — Sun, 20 Apr 2025 21:52:04 GMT

I have a valid gain deferral on a like kind exchange (all dates are okay, etc) But when I enter the sale of the asset under the rental and royalty section as a sold asset, it generates a gain. There is no place to tell it it's a like kind exchange in this section of TurboTax. I understand I have to enter under the sales of business assets to generate the 8824 but how do I enter no gain in the rental section of Turbo Tax?

Re: Like Kind Exchange generating a gain

RobertB4444 — Tue, 29 Apr 2025 19:06:50 GMT

The sale price and the basis should match when you enter the sale so that no gain is generated.

@RehbergW

Re: Like Kind Exchange generating a gain

RehbergW — Thu, 01 May 2025 16:53:36 GMT

Thx