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Entering a Like-Kind Exchange (1031 Exchange) From the Dispositions Screen

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Entering a Like-Kind Exchange (1031 Exchange) From the Dispositions Screen

How do I enter a Like Kind Exchange (LKE) on the Dispositions screen?

Solution:

To Enter a Like Kind Exchange on the Disposition Screen:

  1. Go to the Dispositions screen:
    • Screen 17 (Individual)
    • Screen 19 (Partnership)
    • Screen 15 (Corporate)
    • Screen 23 (S Corporate)
    • Screen 22 (Fiduciary)
  2. Click on the Property or click Add from the left navigation panel.
  3. Complete the basic information of the sale:
    • Enter the Description of Property
    • Enter the Date Acquired (Negative Date = Various)
    • Enter the Date Sold (Negative Date = Various) (exchanged)
    • Enter the Cost or Other Basis (Do Not Reduce by Depreciation)
    • Enter the Expense of Sale
  4. Scroll down to the Form 4797 section.
  5. Enter the Depreciation Allowed (-1= none, Triggers 4797).
  6. Scroll down to the Like-Kind Exchanges (8824) section.
  7. Complete the information of the Property Received:
    • Enter the Description of the new property
    • Enter the Date property identified (MMDDYY)
    • Enter the Date property received (MMDDYY)
    • Enter the FMV of like-kind property
    • Enter the FMV of other property (not like-kind)
  8. Complete the information of Cash and Loan Amounts:
    • Enter any Cash given by taxpayer
    • Enter any Cash received by taxpayer
    • Enter any New loans on property received - assumed by taxpayer
    • Enter any Old loans on property given up - assumed by other party
  9. Complete the Other Property Given (not like-kind), if applicable:
    • Enter the FMV of other property (not like-kind)
    • Enter the Adjusted basis of other property

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