Form 8824 allows me to link to a related Schedule E. Which one do I choose: relinquished or replacement?

[fogcity]

I completed a 1031 Like-Kind Exchange, and am attempting to fill out Form 8824.

TurboTax includes in Line A of 8824 a link to a copy of Schedule E, but provides no explanation of how this link functions.

Do I link to the Schedule E of the relinquished property? Or to the replacement property? I have a Schedule E for both.

Actually in my like-kind exchange there were two replacement properties, with two corresponding Schedule E's. Does it matter which one I pick?

I've tried linking to each possible Schedule E, and it does have an effect elsewhere in my return. But I can't figure out what lines on what schedules / forms are affected.

[tagteam]

You might want to contact Support (link below) during regular business hours for this scenario.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Your transaction is technically a multi-asset exchange which is the transfer or receipt of multiple properties within one like-kind group. As a result, special rules could be applicable.

Further, TurboTax does not appear to fully support multi-asset exchanges within one group and, to the extent it does, it does not handle the scenario particular well. Hence, you should contact Support for specific information on how to enter the transaction.

[Carl]

In the past, "linking" things has ***NEVER*** worked successfully in Turbotax. If you're being asked to link *anything* it's because either a program update was installed after the data was entered, or the user did something wrong. (It's usually the former). The only successful way to fix it, is to delete the transaction entirely and re-enter it anew. Sometimes that means starting the entire return over from scratch. Especially in the case of a program update "after the fact".

[fogcity]

Thanks for the reply. I've verified there's no outstanding updates, then re-started the return, re-entered the 8824 and re-entered a new one, same deal. There's a bona-fide Smart Worksheet section at top of the 8824 form, it's not a software bug or patch. 

[tagteam]

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@fogcity wrote:

There's a bona-fide Smart Worksheet section at top of the 8824 form, it's not a software bug or patch. 

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Linking in TurboTax is, most likely, only going to create a Schedule E Worksheet (you will see that in Forms Mode), but you probably already have one, or more, if you have entered information on your rental properties. Regardless, you can link each 8824 to a worksheet. 

I suspect, but am not absolutely certain, that this operation started in ProSeries (or some other professional version of Intuit tax software) where quite a bit of the functionality depends on Forms, themselves, and data entry is primarily made on Forms rather than in Step-by-Step (interview) mode.

[Anonymous]

the relinquished property.   however,   about the only thing TT does little with regard to 8824 and schedule E's for both the old and new property  virtually everything required to properly complete 8824 must be manually entered and you will have have to manually enter the info for the replacement property. to get correct depreciation for old property you have to enter the date sold - on schedule E - nothing else.