Business & farm
You are correct that 1231 is not an option but a value is required thanks to the IRS. If you are using the desktop program, you can do an override for the value. The form has changed and the new instructions state:
Lines 25a, 25b, and 25c.
If you received section 1250 property, section 1245 property, and/or intangible property that is like-kind property in the exchange, you must complete line 25a, 25b, and/or 25c, whichever are applicable.
On line 25a, enter the amount from line 25 that is allocated to the like-kind section 1250 property received in the exchange.
On line 25b, enter the amount from line 25 that is allocated to the like-kind section 1245 property received in the exchange.
On line 25c, enter the amount from line 25 that is allocated to the like-kind intangible property received in the exchange.
Amounts entered on lines 25a, 25b, and 25c must be proportionate to their FMVs.
E-filers don't have line 12a, 15a, or 25a through 25c on their Form 8824. E-filers must attach a separate sheet to their Form 8824 on which they will report information for those lines. They should write at the top of the sheet, their name and identifying number as they appear on the Form 8824.
See Instructions for Form 8824 and Form 8824
