HOW do i report a 1099s for a like kind exchange. and why do i show a capital gain when the new property cost more than the old one.

[DanielV01]

Is this for real property (building, land, etc.)?

[satomandlaurie]

This is a rental house

[satomandlaurie]

Where do I put the 1099s for the sold rentals

[satomandlaurie]

I intered all the like kind exchange info but was never asked about the 1099s so where does it go

[DanielV01]

I attached a second FAQ to the answer so you can identify where to report the rental.

[satomandlaurie]

When I follow the directions given in theFAQ below it adds what we sold the rental property for to income as if we didn’t do a like kind exchange. How can i put in the 1099s without this happening

[satomandlaurie]

Also when that area of the program ask if it is a rental it told me to delete the property from this area  and put rental sales in the less common business situation which I have done.  But this area I find no place for the 1099s

[satomandlaurie]

I find no jump to button where is it

[satomandlaurie]

There is no jump to in the search results

[satomandlaurie]

I answer all the questions in the section for second home and at the end I come to a page
That says remove this sale and report it in sale of business property within the less common business situations

[satomandlaurie]

Is there a way I can talk to a expert because the answersl I am getting don’t work

[DanielV01 · Accepted solution]

A Like-Kind Exchange is reported on Form 8824.  When you elect this treatment, you defer gain on the current sale to when you ultimately sell the property you have just obtained.  In 2018, the Tax Cuts and Jobs Act limited the like-kind exchange provision to real property.  Provided you purchased another rental real property (could be a home, commecial rental property, etc.), you are allowed to use this election.  

First, enter the sale of the rental home.  This FAQ provides direction on how:  https://ttlc.intuit.com/replies/4241480

Then you report the like-kind exchange.  This FAQ will assist you to enter the exchange into TurboTax:  https://ttlc.intuit.com/replies/5122176 

[lschulwitz]

For the original question, "HOW do i report a 1099s for a like kind exchange," I understand the exchange is reported on form 8824, but the 1099-s question is not answered as the data on 8824 differs from 1099-s.  For instructions on where to report 1099-s, it requires identifying a sale--which didn't happen--rather is is an exchange (not a sale).  So, how/where do I report the values of the 1099-s when 8824 information differs due to commissions, title fees and excise fees, etc?

[2014kltaxes]

I AGREE - I can't see where to enter the info on the 1099-S on the 8424 for the like kind exchange.  When I try to "dispose" of the original asset - Turbotax generates a gain.   I don't want the IRS to flag my return for not entering the 1099-S - when I did - I had to "allocate" the proceeds of the sale amongst the various assets that made up the sales price.   So still not knowing where to enter 1099-S and adjust it some how to match what really happened.    Help, please