topic Deferred gain in Business & farm

Deferred gain

csanford2 — Thu, 26 Mar 2020 13:42:55 GMT

I have a deferred gain from a Like Kind exchange from 2004. I have now sold that property and did not role the proceeds into another investment. Where do I enter this in TurboTax?

Thank you!

Re: Deferred gain

Critter — Thu, 26 Mar 2020 15:01:02 GMT

Not sure what you sold but if it was depreciated property the basis was adjusted when you made the exchange ... now you will just report the sale like any other asset... nothing special needs to be done.

Re: Deferred gain

csanford2 — Thu, 26 Mar 2020 15:28:14 GMT

Thank you for your answer!