Before you start:
- You can also record like-kind exchange transactions on the Dispositions screen. For more information, see here.
- 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."
- For steps on how to use the Like-Kind Exchange Wizard for exchanging one asset for multiple, see here.
Using the Like-Kind Exchange Wizard:
- 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.