You can enter Form 8824 in either the Schedule D screen or Depreciation screen in ProConnect. These steps will walk you through the input in the Schedule D, or Dispositions, screen.
If the assets given up in the exchange are already entered in the Depreciation screen, follow the instructions in this article instead.
Select your module below for instructions:
Individual
- From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
- Select Schedule D/4794/etc. from the dropdown menu.
- Complete any applicable fields in the Quick Entry grid.
- Click the blue Details button to expand.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed (-1=none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 6781, 8824, 4255.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
Partnership
- From the left of the screen, select Schedule K and choose Dispositions.
- Complete any applicable fields in the Quick Entry grid.
- Click the blue Details button to expand.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed (-1=none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 6781, 8824.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
Corporate
- From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
- Complete any applicable fields in the Quick Entry grid.
- Click the blue Details button to expand.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed (-1=none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 6781, 8824, 4255.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
S-Corporate
- From the left of the screen, select Schedule K and choose Dispositions (D, 4797, etc.).
- Complete any applicable fields in the Quick Entry grid.
- Click the blue Details button to expand.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed (-1=none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 6781, 8824.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
Fiduciary
- From the left of the screen, select Income and choose Dispositions.
- Select Schedule D/4794/etc. from the dropdown menu.
- Under Dispositions (Schedule D, 4797, etc.), complete any applicable fields.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed (-1=none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 6781, 8824.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
Exempt organization
- From the left of the screen, select Revenue and choose Dispositions.
- Under Dispositions (Schedule D, 4797, etc.), complete any applicable fields.
- From the top of the screen, select Sale of Asset 4797, 6252.
- Under the Form 4797 section, enter the Depreciation allowed.
- Enter the Unrelated business depreciation, if different (-1 if none, triggers 4797).
- From the top of the screen, click the button with three dots and choose 4684, 8824.
- Scroll down to the Like-Kind Exchanges (8824) section.
- Complete the Property Received subsection.
- Complete the Cash and Loan Amounts subsection or Other Property Given (not like-kind) subsection, if applicable.
- Go to the Check Return tab to make sure that Form 8824 is generating correctly.
- Click on Suggestions on the left side of your screen.
- Follow the Suggestions instructions to enter the boot as a new asset on the Depreciation screen, if applicable.
