https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1384013#M48413 <P>Hello.&nbsp; More than 10 years ago completed a 1031 Exchange and filed form 8824.&nbsp; Have now sold that property and completed another 1031 exchange, so must file another form 8824.&nbsp;&nbsp; In reviewing the form 8824 filed ten years ago, found an error that affected the number in Line 25, the Basis of the property received.&nbsp; When completing the current form 8824, should I use the incorrect "Basis of like-kind property received" in Line 25 from the form 8824 that I filed ten years ago, or should I use the correct number?&nbsp; It is too late go file an amended return to correct the error on my ten year old filed form 8824.&nbsp; As far as I can tell, this does not affect my taxes paid nor does it affect any of the tax returns I filed over the last ten years.&nbsp; Thank you for your help!</P> Mon, 30 Mar 2020 22:19:11 GMT Think57 2020-03-30T22:19:11Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1384013#M48413 <P>Hello.&nbsp; More than 10 years ago completed a 1031 Exchange and filed form 8824.&nbsp; Have now sold that property and completed another 1031 exchange, so must file another form 8824.&nbsp;&nbsp; In reviewing the form 8824 filed ten years ago, found an error that affected the number in Line 25, the Basis of the property received.&nbsp; When completing the current form 8824, should I use the incorrect "Basis of like-kind property received" in Line 25 from the form 8824 that I filed ten years ago, or should I use the correct number?&nbsp; It is too late go file an amended return to correct the error on my ten year old filed form 8824.&nbsp; As far as I can tell, this does not affect my taxes paid nor does it affect any of the tax returns I filed over the last ten years.&nbsp; Thank you for your help!</P> Mon, 30 Mar 2020 22:19:11 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1384013#M48413 Think57 2020-03-30T22:19:11Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1397982#M48708 <P>At this point, just ignore the like-kind exchange transaction you completed ten years ago. Just use the <STRONG>correct </STRONG>basis on the property 10 years ago. &nbsp;</P> Thu, 02 Apr 2020 20:26:26 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1397982#M48708 DaveF1006 2020-04-02T20:26:26Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1398976#M48729 <P>If you have been using the incorrect Basis, then your depreciation would be wrong.&nbsp; If your actual Basis is higher than what you have been using, then when entering the "prior depreciation", you will need to enter what you SHOULD have claimed.</P> Fri, 03 Apr 2020 00:01:20 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-to-go-forward-if-previously-filed-form-8824-had-an-error-affecting-the-basis-of-like-kind/01/1398976#M48729 AmeliesUncle 2020-04-03T00:01:20Z