Is this the correct entry for sale of my residential rental property in December 2021, given the facts below? Was subsequently exchanged in 1031, but completed 2022.

Good morning, @mgbocot. 

Thanks for taking the time to reach out to the QuickBooks Community for support. I hope you're enjoying the day so far. 

I would love to lend a hand with creating journal entries for the sale of your rental property. However, this would be something better discussed with your certified accountant. Your accountant will know the best process to use based on your business needs and will have a broader understanding of how the journal entry would need to be created. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center.

In the meantime, feel free to check out our help article that includes more information about creating journal entries in QuickBooks Desktop that I've included below. 

• Create Journal Entries in QuickBooks Desktop

Please let me know if you have any questions or concerns. Take care! 

@mgbacot 

You most definitely should confirm this with your own CPA.

Where is the replacement property?  Your exchange (even though it spans different tax years) needs to be reported on your 2021 return Form 8824 (even if the exchange was completed in 2022).  If you file a return without the exchange complete, that triggers your cap gains/depreciation recapture and you lose the exchange.    

Correct. Thank you so much for answering! I'm comfortable with the 8824 & was aware that the entire exchange we completed March 1, 2022 must be reported with my 2021 1065. We identified the replacement and closed the purchase in correct time frame. I'm an old cpa myself, but not in public practice & not recently involved in this type of real estate transaction. I am being really, really OCD my quickbooks December 31, 2021 financials (between the relinquished and replacement) to look right. :)

In your JE,

Cr Asset Bldg 649,065

How did you get the number 649,065?

Thanks.

Charlie