1031 Exchange

[CEM05]

Question 1. I completed two 8824 forms covering the replacement properties. It does not make sense to file another 8824 for the property which was sold as the two replacement properties covered the the proceeds of the sale. So do I need to file another 8824 form?

Thank You 

[Mike9241 · Accepted solution]

you complete 1 8824 for the property sold and report the replacement property on the same 8824.

from prior threads

 A like-kind exchange for multiple properties is not supported in TurboTax; however, some users are able to report this correctly.

Click this link for detailed info on Like Kind Exchange with Multiple Properties.  

More info is contained in this link on Exchanging Multiple Properties.

[CEM05]

Mike9241,

I will complete a new tax return based just on the property sold only over the weekend to see how it compares.

Just another question or observation, on  step-by-step in TurboTax when adding the new  rental or royalty it asked "How Did You Acquire the Property" and one the the answers was "I acquired this rental through a like-kind exchange" and when I select that option it gave instructions on going right to Like-Kind exchange. So I completed both new properties this way.

So I selected it and it let me continue for both properties.

Interesting, these are to forms which were either created or touched by Turbox after I added the two 8824 forms

Schedule D with the correct Capital Gain reported (boot)

Form 4797 p1 which reflected the boot from the property which I gave up.

Form 8582 p1 Passive Activity Loss also with the correct boot

Form 8582 p2 With more info on the Passive Activity

Form 8582 p3 (copy 1) detailed information on the boot by property 

Two new Schedule E's with the correct new depreciation 

Thank You