Steps for entering a Like Kind Exchange (1031 Exchange) for Form 8824 including a multi asset exchange.
How To Description
- On the Detail tab, select the Depreciation input screen.
- In the Asset list, select the asset.
- In the Section list, select General Disposition Information.
- Click the Like-Kind Exchange (8824) button.
- Click the Like-Kind Exchange Wizard button, or enter data directly into the available input fields.
See Video on Lacerte Like Kind Exchange Wizard:
- You can also record like-kind exchange transactions on the Dispositions screen. Refer to Dispositions for more details.
- If you use the Like-Kind Exchange Wizard, the program calculates the basis of the new asset and creates the new asset for you. The program populates the input fields with the data you entered into the wizard.
- Mandatory input fields in the Like-Kind Exchange wizard are marked with an asterisk.
- Input fields and wizard screens are organized into the following sections: Property Received, Cash and Loan Amounts, Other Property Given Up, and Choosing How to Create New Assets.
- Do not enter a value for both "Cash Given" and "Cash Received". Enter the net value as either "given" or "received.