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cp2austin
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If I have a like kind exchange, do I also have to file a business property sell & purchase in addition to completing the Form 8824?

 
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If I have a like kind exchange, do I also have to file a business property sell & purchase in addition to completing the Form 8824?

When you sell the asset in the program and indicate this was a 1031 exchange the program will walk you thru all the steps needed ... follow the interview screens carefully.

If I have a like kind exchange, do I also have to file a business property sell & purchase in addition to completing the Form 8824?

Note that only real estate is eligible for like-kind (1031) exchange treatment due to tax reform (2018-2025).

 

The following TurboTax Help article provides information on where to enter the exchange in TurboTax.

 

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-a-like-kind-exchange-form... 

 

Also note that, if you used TurboTax for the previous year (or years), you will have to remove assets (as disposed) in the Rentals and Royalties section of the program - and also probably enter the replacement property as a new asset.

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