Sale of a property for a Like kind exchange (8824 generated properly but how to enter the sale completely)

[MikeP3]

Yes on this process I would check  “No” for the election for regs vs yes which means u have to enter one asset. Thanks

[nirbhee]

@AmyC  @Anonymous_ @DaveF1006 

Where/How do I find the screen to select to opt out of REGS Under SEC 1.168(i)-6(i)??

I don't see any screen in asset information from step-by-step in desktop version which MikeP3 mentioned. I don't see any option anywhere. 

In the form 4562  after row 44 it is auto-filled :

1.168(i)-6(i) Election Statement

Election made under section 1.168(i)-6(i) for: ....

How do I change it to opt-out? I don't see any screen anywhere which MikeP3 mentioned.

Double clicking or right click does not show any source, nothing!

Thanks!

[Anonymous_ · Accepted solution]

---

@nirbhee wrote:

How do I change it to opt-out? I don't see any screen anywhere which MikeP3 mentioned.

---

Forms Mode.

[MikeP3]

Yes, go to View, Forms, find your Asset scroll down til find screen noted on last reply and mske your election

[Anonymous_]

---

@MikeP3 wrote:

Yes, go to View, Forms, find your Asset scroll down til find screen noted on last reply and mske your election

---

I do not believe this election can be made in Step-by-Step (the interview questions).

[nirbhee]

@Anonymous_ @AmyC 

For passive loss carryover, TT automatically deducted it from the relinquished property A, so I did not move it to the new acquired property B. 

For relinquished property A :

Passive loss carryover from 2021 : -10,000

Deductible rental real estate loss (line 22 in schedule E for 2022): -10,000(passive loss carryover from 2021) + -200 (2022 loss)

Looks like TT allows the complete passive loss carryover to be deducted in the year of trade/exchange.

Hopefully this is correct?

If this is not correct, how would I fix this? 

[Anonymous_]

It depends upon whether you have other passive income that could be offset and also if you had recognized boot. 

[nirbhee]

No recognized boot, but have other income from other rentals which could be offset. 

[nirbhee]

@Anonymous_ 

I have rental properties across state with income and losses, and some of them with passive loss carryovers from previous years.

I understand in federal rental income, losses for any properties can offset other rental gains but nonresident states only use rental losses for properties in the nonresident state to offset rental gains in their state.    

But what about the passive carryover losses from one state used to offset different state's income? How do I calculate loss for a state when its deductible loss carryover offsets another state's income.

Should it be added as is ??

For example, considering two properties in State A ,and one property in State B :

Both states are filed as non-resident. 

	state A property1	state A property2	state B property1
Rents minus expenses (line 21 from SchdE)	1000	6000	10000
Deductibe real estate loss (line 22 from SchdE)	-12000	-6000	0

Fedral rental income would look like :

Income (line 24)	17000
Losses (line 25)	-18000
Total income or Loss (line 26)	-1000

But for State A is the caluclation below correct ???

Income (line 24)	7000
Losses (line 25)	-18000 ???
Total income or Loss (line 26)	-11000 ???

Thanks for your help!