As a result of s a result of the Tax Cuts and Jobs Act of 2017, like-kind exchange treatment only applies to real property (real estate). Prior to the Act, personal property assets such as machinery, equipment, vehicles, arts and collectibles, and some types of intangible property also qualified for like-kind exchange treatment.
Below are the steps to follow if your like-kind exchange is for real property:
- With your return open in TurboTax, search for like kind (2 words, no dash) and select the Jump to link at the top of your search results
- This will take you to the question "Any Other Property Sales?". Select Any additional like-kind exchanges(section 1031) and select Continue
- On the next screen, select Yes and proceed through the interview questions. We'll fill out Form 8824 for you
If you accidentally generated a Form 8824 that you don't need, you can delete it by repeating steps 1 and 2 above. This takes you to the Like-Kind Exchanges summary screen where you can delete the unwanted form.
Form 1031
@morbidz288
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
