These transactions are reported on Form 8824. To complete this form, follow these steps in TurboTax Desktop Editions (screens will change slightly for online editions):
- Under the Federal menu, choose Wages & Income
- Review the menu for Business Items
- Select Start/Update next to Sale of Business Property
- On the Any Other Property Sales? screen, check the Any additional like-kind exchanges box and select Continue.
- Answer Yes on the Like-Kind Exchanges screen and follow the instructions.
You will come to an entry for exchange expenses. Enter any sales expenses you paid as part of this exchange - Sales expenses include the following:
- Sales commissions
- Advertising expenses
- Legal fees
- Loan charges paid by the seller, such as loan placement fees or points
- Broker fees
- Transfer taxes
- Option premiums
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