Form 8824 for like-kind exchanges (also known as section 1031 exchanges) can be generated from the Depreciation screen or from the Schedule D/4797/etc. screen in ProConnect Tax Online. These steps will walk you through the input in the Depreciation screen, including instructions on creating new assets. If the like-kind assets are not being depreciated, follow the instructions in How do I enter a like kind exchange in the Schedule D screen? instead.
Where to find the depreciation screen in each return type:
- Individual: Deductions > Depreciation
- Partnership: Ordinary Income > Depreciation (4562)
- S-Corporate: Ordinary Income > Depreciation (4562)
- Corporate: Deductions > Depreciation
- Fiduciary: Deductions > Depreciation
- Exempt organization: Expenses > Depreciation
Follow these steps to generate Form 8824 from the Depreciation screen:
- Go to the Depreciation screen.
- In the Quick Entry grid, locate the asset that was given up in a like-kind exchange.
- Click the Details button.
- On the left-side navigation menu, select General Disposition Information.
- Enter the Date sold, disposed, or retired (MANDATORY).
- Enter any Expenses of sale or exchange incurred.
- On the left-side navigation menu, select Like-Kind Exchanges (8824).
- In the Property Received section, enter a Description, Date property identified, Date property received, and FMV of like-kind property.
- Enter any Cash and Loan Amounts or Other Property Given (not like-kind) if applicable.
Click on the method you would like to use to create new assets below to continue.
How do I enter a like kind exchange in the Schedule D screen?
Generating or Suppressing Linked Asset Depreciation Schedule
2018 Individual and Business Tax Reform - Summary of Changes
Entering a Bulk Sale
Entering a Sale or Disposition of Assets