The Form 8824 is used to report the like kind exchange. Form 8824 states:
When To File
If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange. See the instructions for Line 7, later, for details.
There are two ways to handle a 1031 and TurboTax can only use one method. Click the link for more detailed info on 1031 Exchanges.
Cost basis of the new property = cost of new property - deferred gain from original property.
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