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Question

How do I find the form 8824 and the information with in the 1031 paperwork to answer questions like "adjusted basis of like kind property you gave up"?

Forum|Forum|7 years ago
June 6, 2019
1 reply
8 views

How do I find the form 8824 and the information with in the 1031 paperwork to answer questions like "adjusted basis of like kind property you gave up"?

TurboTax Premier Online

Level 13

Your "adjusted basis of like kind property you gave up" is not on your non-tax paperwork from your 1031 exchange.

"Adjusted Basis" is usually your original purchase price, plus cost of improvements, minus depreciation. If you did not purchase it (including receiving it in a prior 1031 exchange), then it depends on how you originally received it.

When you tell TurboTax that you "traded in" that asset, it will automatically fill out Form 8824 when you answer the followup questions. It multiple assets were traded in or received, you may need to go to a tax professional.