1031 exchange of assets in 2019, why is there still a schedule e for 2020

Forum|Forum|5 years ago
February 3, 2021
1 reply
12 views

Sometimes Lacerte input requirements befuddle me...

I did a 1031 exchange in 2019 but the schedule E associated with exchanged the property proforma'd to 2020. I can select "delete this year" in the 2020 version but should I have selected "delete next year" in 2019.

I just need input guidance on the correct method. Does it matter which way it is done?

TIA - we are all about to get really busy - again.

Lacerte Tax

This topic has been closed for replies.

Best answer by itonewbie

If you had selected 2=delete next year on the 2019 return, it wouldn't have been proforma'ed to 2020.

In the 2020 return, you can simply select 1=delete this year and Lacerte will ignore what's in that activity.

itonewbieAnswer

Level 15

If you had selected 2=delete next year on the 2019 return, it wouldn't have been proforma'ed to 2020.

In the 2020 return, you can simply select 1=delete this year and Lacerte will ignore what's in that activity.

---------------------------------------------------------------------------------Still an AllStar

P

pat11Author

Level 5

Thank you for your response. I am taking from this that either method is acceptable and correct.

itonewbie

Level 15

NP, @pat11. Works either way.

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