First of all, you need to report the sale of your rental property.
- Go to federal>wages and income>
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Rentals, Royalties, and Farm>Rental Properties and Royalties (Sch E
- As you go through the Business profile, there will be questions asked if you sold or disposed of the property, here you will say yes
- Next you should see a screen that says Here's XXXX rental property info. Wedged between add income and add expenses, there is an entry that says Sold rental property here is where you will enter details about the sale of your rental home.
- Once this is complete, then this will generate a 4797 in return as well as a Schedule D.
- Next to record the like-kind sale, you will go to.
- Federal>income and expenses>
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Other Business Situations>sale of Business Property
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Any Other Property Sales>select Any additional like-kind exchanges (section 1031)
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Then it asks if you have like kind exchanges, say yes and then the section ask for information on the rental house you gave up and the rental house you exchanged it for.
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Once complete, you have your form 8824 in your return.
Please note. Form 8824 is not available until 03/31. You won't be able to file until the form is released.
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