I did these exact steps. But after doing that I still get a red error message on the 8824 form page on line 25A. It requires me to correct it or else I can't submit my taxes. It wants to know how much basis to allocate to line 25a (section 1250 property), 25b (section 1245 property), or 25c (intangible). None of these apply to my situation as bare land is section 1231.
On the actual tax form it says
Note: Complete lines 25a, 25b, and 25c if you received like kind section 1250, or 1245, or intangible property. I didn't receive any of those. 1250 is for depreciable assets which bare land is not depreciable. 1245 is for personal property.
I don't understand why it is requiring me to allocate basis to these options.
