Yes. Here is how to report.
- Go to Federal
- Wages and Income
- Business Items
- Sale of Business Property
- The first Screen says "Any other Property Sales"
- Check only Any Additional Like-kind Sales
- Answer yes if you have like-kind exchanges
- Next it asks for information about the property given up
- Next screen asks for more information, including the basis.
- The adjusted basis should be the amount you paid for the land plus any improvements such as a graveled road
- Next you will enter information about the land that you acquired.
- There will be other questions about different property given up. You may ignore these questions.
- In the end, you should receive a message that there is no taxable gain.
if you are preparing form 8824, stop. If you report it the manner I described above, you won't be saddled by all these other issues you are experiencing.
@BB2000
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