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Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

For example:
Line-1 on 8824 form-1:
Old-Property-Address - 60% to New-Property-Address-1
Line-1 on 8824 form-2:
Old-Property-Address - 40% to New-Property-Address-2
1 Best answer

Accepted Solutions
Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

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.

 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.

 Use TT to file a summary 8824 and then attach a personal excel spreadsheet to provide all of the details.

4 Replies
Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

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.

 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.

 Use TT to file a summary 8824 and then attach a personal excel spreadsheet to provide all of the details.

Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

view2 - said "You MAY file only a summary form 8824....". Does this mean that if I want I can split the transaction proportionally and file several 8824 forms. This way the basis in the new properties would be calculated correctly. If a summary is used how do you get the new basis amounts to split (in TT). Also one of the acquisitions didn't complete until after year end.
Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

I am in the same exact situation. Really struggling with TT to get the information recorded correctly. Help is appreciated.
Level 1

I sold one rental property in 12/16, bought two in 1/17 for 1031 exchange. Can I file two 8824 forms, split the old property based on the new property values?

I am also in this situation and struggling to use Turbo Tax to complete the return because of form 8824. How do we show one relinquished property replaced by two purchased properties?