1099s and 8824 form

Forum|Forum|4 years ago
March 2, 2022
2 replies
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I sold a rental property and bought another one in the same day. The transaction proceed is through the closing party. It is a 1031 exchange. I also get 1099s for the selling property. How can I put 1099s info. to 8824 form. Or I need to do another form such as form 4797 and schedule D to report 1099s.

Anonymous_

Level 15

@Ihatedoingtax wrote:

It is a 1031 exchange.

No, it is not a 1031 exchange if you took control (constructive or actual) of the proceeds from the sale rather than having used an intermediary or simply swapped deeds with another party.

IhatedoingtaxAuthor

Level 2

I didn't took control the proceed from selling house. Instead, I bought the property right after selling with the same closing company. The money were never transfer into my account. The closing company transfer the whole proceed to the new property buying. It is not 1031 exchange?

Anonymous_

Level 15

@Ihatedoingtax wrote:

It is not 1031 exchange?

Yes, assuming it was done properly (i.e., you fit within the time constraints and were never in control of the sales proceeds).

You will enter the transaction on Form 8824. If you enter the words "like kind" in the search box and then click the "Jump to...." link, that should get you started.

DaveF1006

Level 15

First of all, you need to report the sale of your rental property.

Go to federal>wages and income>
Rentals, Royalties, and Farm>Rental Properties and Royalties (Sch E
As you go through the Business profile, there will be questions asked if you sold or disposed of the property, here you will say yes
Next you should see a screen that says Here's XXXX rental property info. Wedged between add income and add expenses, there is an entry that says Sold rental property here is where you will enter details about the sale of your rental home.
Once this is complete, then this will generate a 4797 in return as well as a Schedule D.
Next to record the like-kind sale, you will go to.

Federal>income and expenses>
Other Business Situations>sale of Business Property
Any Other Property Sales>select Any additional like-kind exchanges (section 1031)
Then it asks if you have like kind exchanges, say yes and then the section ask for information on the rental house you gave up and the rental house you exchanged it for.
Once complete, you have your form 8824 in your return.

Please note. Form 8824 is not available until 03/31. You won't be able to file until the form is released.

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IhatedoingtaxAuthor

Level 2

Besides form 4797 and form 8824 , do I need to do the schedule D for this like kind exchange? The selling price in the agreement is same as the purchase price in the agreement for a new property .