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jsmith4135
New Member

What do I need to enter on form 8824 when asked for FMV like-kind prop rec'd?

 
4 Replies
JulieH1
New Member

What do I need to enter on form 8824 when asked for FMV like-kind prop rec'd?

When it asks about the FMV of the like-kind property, you need to enter what the item was worth on the day it was traded in for the new item.  For a car, you can get that information from the Kelley Blue Book.  For a home, it can be an appraisal or real estate agents comparables.  For other items, it is what you can document what it was worth.

If the item was destroyed, you can enter zero.  

What kind of like kind item are you trying to enter? Car? Home?

tcheimre
Returning Member

What do I need to enter on form 8824 when asked for FMV like-kind prop rec'd?

Traded in one car for a newer one. The instructions from TurboTax for the Form 8824 says to use only the "Business" portion of each car. We use actual miles...and so the Business portion of old car is lower then the new car...which made the FMV figures generate an error. What is the right way to do this??

tcheimre
Returning Member

What do I need to enter on form 8824 when asked for FMV like-kind prop rec'd?

Traded in one car for a newer one. The instructions from TurboTax for the Form 8824 says to use only the "Business" portion of each car. We use actual miles...and so the Business portion of old car is lower then the new car...which made the FMV figures generate an error. What is the right way to do this??

JillS56
Expert Alumni

What do I need to enter on form 8824 when asked for FMV like-kind prop rec'd?

FMV of like-kind property you received. This is the sales price of your Replacement Property plus any cost of acquisition.

 

@jsmith4135

 

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