Thank you lori58sf for your answer to each item. They are very helpful.
Being the first time filing a 1031 exchange, after comparing 8824 examples online, I think the "Line 24 Deferred gain or (loss)" and "Line 25 Basis of like-kind property received" looks correct for the two simpler exchanges (one 8824 form for each as they involve a relinquished and a replacement house). Thanks lori58sf again for your time and expert advices.
The high level advice you provided for the exchange that involved three relinquished properties and three replacement properties makes perfect sense. However I would like to verify a couple of follow up questions. I appreciate any assistance from you or any other experts.
Situation:
One of the relinquished properties is a farm. Half of the farm has always been cash-rented and other half always CRP (USDA Commodity Credit Corporation: agricultural payments 1099-G). The other two relinquished properties are rental houses. All the three relinquished properties were closed early September 2021.
All the three replacement properties are rental houses, and were all closed on September 23, 2021.
The combined cost of the three replacement properties are ">" (but "not >= 200% of" the combined sales price from the three relinquished properties.
Questions:
- Based on the readings I believe the farm is considered a like-kind property just like a rental house. I don't see the farm needs a different group for from the rental houses. Would anyone please advise?
- It sounds like I need just one summary 8824 for the exchange that involved three pairs of relinquished and replacement properties. I need to separate the 8824-calculation for each pair of relinquished property /replacement property in my own worksheet. I'll need to file 2021 tax return including the worksheet. I use TurboTax Home & Business and always eFiled. Would someone please help me understand my options:
- Desired option: Does Turbo Tax have any worksheet template within the software that I can use to present the 8824-calculation for each pair of relinquished property and replacement property? or
- Desired option if viable: Turbo Tax can enable someone to "add/insert" a file (e.g., xxxx.xlsx) in the eFiling process? or
- Least desired option: Do a paper file including all Turbo Tax files and my own excel file.
Thank you all again in advance for your time and helping hands!
Lily
