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I get the above message regarding Like-Kind Exchanges form 8824. When will this be ready?
Form 8824, Like Kind Exchanges is tentatively scheduled to be release on 03/30. See this full list of federal forms.
When you exchange or trade property of the same nature or character, it's called a like-kind or Section 1031 exchange, which gets reported on IRS form 8824. The property exchanged must be held for investment purposes or for productive use in a trade or business.
Generally speaking, any taxable gain from a like-kind exchange is deferred unless it involves other property or cash. Losses on like-kind exchanges aren't usually recognized.
Right now, like-kind exchange treatment only applies to real property (real estate) as a result of the Tax Cuts and Jobs Act of 2017. Prior to the Act, personal property assets such as machinery, equipment, and vehicles, arts and collectibles, and some types of intangible property also qualified for like-kind exchange treatment.
Where do I enter a like-kind or Section 1031 exchange (Form 8824)? To review this section, please click the link for instructions. If it doesn't apply to you, you can remove it.
It is sad that Turbo Tax will not have this form and others ready before 03/30/2022. One of the reasons I use turbo tax is I thought they were on top of the laws and forms. If the form is ready by the IRS, i don't know why Turbo Tax has so many files not ready. Sad to think such a large company isn't prepared.
This is will cause me to be 2 months later in filing than i was hoping and prepared for. That is not why we purchased this product.
Couldn't agree more. I've had my returns done since 1/15 and now I have to wait until 3/31 to file? No excuse Intuit!!
It looks like the form will be ready tomorrow (3/17/22). I've been having the same issue and came across this post. I had no idea this was even an issue with turbotax until now and I understand everyone's frustration.
That's what I thought, that it would be ready on the 17th. But when I logged in today, now it shows the date of the 18th for release. I'm frustrated as well, paying for this TurboTax isn't cheap, having to do the work myself, when I could have gone to Walmart and had H&R Block do it and get it filed. First year that I'm really unhappy with TurboTax, seriously. Of course I doubt TurboTax will read this thread and do something about it, so probably we're just singing to the choir in this thread.
When you are writing a tax program that will only be used by professional tax preparers, you can be a lot less careful on how the information is entered on the form. You can assume that the professional knows exactly what to do, why the from is used and could fill in the form correctly without software.
When you are writing a program to that non-professional will use, you have to consider a lot more options. You cannot assume that people will understand the form and how to enter the data for it. TurboTax keeps testing their program until it is so foolproof that you could put a person at the keyboard who has no knowledge of tax law, and they can answer questions and get the form to complete correctly.
The IRS scrutinizes the programming, and it has to be fool proof before it is released. That is why it takes longer.
This delay is a major problem and annoyance for me. I'm now not really confident TurboTax will actually get the form done by the now promised 3/31 very late date. If I get jilted that close to the filing deadline it's the garbage pail for TurboTax and bad press for Inuit going forward from me. TurboTax premier was advertised to handle this 1031 form and get the job done. It better deliver on time for filing or I want my money back.
Great news! The like-kind exchange Form 8824 is scheduled for release on March 18th, 2022. Once it's available you will be all set and the information below might be useful.
When you are signed into your TurboTax Online Account you can follow the steps below:
I understand your point, to a point. However, this is not a new form and neither is the like exchange a new issue.
Diane,
I'm not understanding your post, which says its scheduled to be released on March 18, 2022, then you say "once available, then the next line says Form 8824 will be ready on 3/31/2022. Which is it? Three days ago, it said 3/31/2022, then two days ago it said it would be ready on March 17, then yesterday it said March 18. I'm still not happy that one can't file early.
Here is a list of Federal Individual Form Availability. It shows 3/18/2022, which is tomorrow.
Hopefully, you will be able to finalize your taxes soon.
Got the approved 8824 and finished my filing this morning, all good. No further complaints.
Is this form still not fixed???? Getting error on "Was the Exchange made with a related Party", I have selected "NO", which is correct, but is still highlighted in red.
Also on Summary Smart Worksheet , question L Cash received, is also highlighted in red, which also has the correct answer! Help it will not let me EFile!
You are going to have to contact Support for this.
What is the TurboTax phone number? (intuit.com)
I have done several test returns with 1031 exchanges and have not run into issues of the kind you are relating.