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