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stephanie2
Level 2
May 18, 2020
Question

Deferred gain on sale of rental property in a prior tax year.

  • May 18, 2020
  • 1 reply
  • 16 views
I have a new tax client who sold rental property and deferred the gain.  The gain needs to be recognized in TY 2019 but I cannot find where this should go.  Any hints?  Thank you in advance!
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1 reply

itonewbie
itonewbie
Level 15
May 18, 2020

What sort of deferred gain?

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S
stephanie2Author
Level 2
May 18, 2020

It was rental property that was sold in a prior tax year (client is unsure what tax year specifically).  I did not prepare that tax return nor do I have a copy.  I did forget to mention that this is for a LLC (Form 1065) where there are 20+ rental properties.  

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 18, 2020

You need a copy of that prior year return so you know what was done and what still needs to be done.

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