TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Form 8825 and corresponding 4797 Show Gain, when the Tax Exchange Gain shows no gain on 8824

Forum|Forum|2 years ago
January 26, 2024
1 reply
0 views

Any help?

TO get the property out of turbo tax for next year, you have to show it was sold. Form 8824 is used to show the tax deferred option, but for 4797 shows the gain as well. I need to get rid of the gain on4797 Any Help?

If there was a gain on the exchange then that would appear on form 4797. If this was a straight up 1031 exchange then it would only appear on the 4797 for informational purposes. Either way the form should be used.

Since the 4797 denotes a sale then why are you trying to eliminate it?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"