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S
Srpaul
Level 2
June 11, 2020
Question

1031 exchange

  • June 11, 2020
  • 1 reply
  • 8 views

I keep getting a Ref # 2050607 error for 1031 exchanges. I don't want to use the Like-Kind exchange wizard. 

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1 reply

George4Tacks
George4Tacks
Level 15
June 11, 2020

What does Ref # 2050607 say? I doubt it has anything to do with trying to force the wizard on you. My guess is that it is sorta asking you to verify that it is an exchange of real property. If it is, just ignore this warning and go on. 

 

Answers are easy. Questions are hard!
    S
    SrpaulAuthor
    Level 2
    June 15, 2020

    I thought it best to go ahead and use the Wizard. It is less flexible than reporting the sale on Form 8824, but I was able to manipulate the Wizard to produce the correct result.

    Thanks,

    abctax55
    abctax55
    Level 15
    June 15, 2020

    I've never been able to get the wizard to work.

    I come up with the correct amounts (using a snifty, 30+ year old worksheet I have..) and then force/override the amounts on the F 8824 to match.

    @sjrcpa does the same thing 🙂

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