You must apportion your original basis in the relinquished property,under the Treasury Regulations, an exchanger must generally allocate basis among replacement multiple replacement properties ratably, in proportion to their relative respective values.
Each replacement property would receive a basis equal to 1/2th of your original adjusted basis
TurboTax search box and enter like kind and press the Enter key, then click on the Jump to like kind link.
After you have entered your first like kind exchange, you will be given the option of adding additional like kind exchanges you might have. Click on the Add an Exchange button and follow the prompts to add the next like kind exchange.
You may file only a summary Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, "Summary" on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25.
Mail in to the IRS with your tax return.
For a summary 8824, how do you force TT to let you enter the gain on line 23? It seems to block my every attempt.
Line 23 is a calculated field. It uses information you have put into the other fields on the Form 8824 to calculate possible gain on the exchange.
If you have put the information into form 8824 correctly the program will calculate if there is any gain on the exchange.
What is IRS Form 8824: Like-Kind Exchange
I have 8 replacement properties and am filing a summary 8824. Form 8824 instructions say to only make entries on lines 1, 23 and 25 and provide all details on a separate spreadsheet. TT won't let me enter line 23 so I had to fill out this form by hand. No problem but there is no easy way to get my capital gain from the hand written 8824 back into the TT generated Schedule D. I finally had to enter my capital gain into a fake category to get TT to accept in into the tally.