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I'm doing a 1031 exchange. TT populated form 8824 and told me I had a deferred gain that was not taxable this year, so why is it shown as a taxable gain on sch D line 11?

This was a good idea and indeed I did still have a taxable sale called out so I unchecked the box and even selected "none of the above".   I still have a Schedule D sale shown.  Im afraid my database is corrupted.  TT phone support is useless.  Any other ideas would be appreciated.  

I'm doing a 1031 exchange. TT populated form 8824 and told me I had a deferred gain that was not taxable this year, so why is it shown as a taxable gain on sch D line 11?

It now appears that the form 4797 was generated incorrectly and the product does not remove it when you uncheck the sales box,.....bad technology.  So it appears Im going to try to delete the form manually so not to have lost all my other work.  The fact that this BUG goes back to 1999, is a sad commentary.  

MarilynG1
Expert Alumni

I'm doing a 1031 exchange. TT populated form 8824 and told me I had a deferred gain that was not taxable this year, so why is it shown as a taxable gain on sch D line 11?

 

Try this:

  • Open or continue your return, search for sale of business property (use this exact phrase; copy/paste if necessary) and then select the Jump to link at the top of your search results.
  • On the Any Other Property Sales? screen, make sure the first checkbox (only) is checked and Continue to the next screen.
  • The next screen, Sale of Business or Rental Property, should display Edit and Delete buttons next to the property in question.
  • Select the appropriate button and follow the onscreen instructions to either edit or delete the 4797.

Click this link for info on How to Edit or Delete Sale of Business Property

 

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