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Screen HI8824 - Hawaii Like-kind Exchange (1040)

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Overview

Use this screen to complete federal Form 8824, Like-Kind Exchanges with Hawaii amounts. All depreciation and amortization information transfers directly into the
HI8824
 screen from the asset module when detailed data entry is used, or from the federal
8824
 screen when summary data entry is used and then transfers to the relevant form(s). It's important to report any state-related law differences and details in the
HI8824
 screen.
  • UltraTax CS lets you specify how you want to enter asset information. Enter it in either the asset module or in the various depreciation input screens. When you specify that you want to use the asset module as the method of asset data entry, this input screen isn't relevant and the depreciation tab for this input screen doesn't appear.
  • If you're not using the asset module and you want to override depreciation or amortization amounts on the relevant form(s), you'll need to enter the information in this input screen.
  • All federal
    8824
     screen information transfers to UltraTax/1040-HI. All units are included in the calculations for
    Total Sources
    . For nonresident and part-year resident returns, only units with the postal code
    HI
     are included in HI source calculations.

General Information

Information that appears in this section automatically transferred to this input screen from the federal
8824
 screen.
State
State
 fields, not otherwise exclusively associated with an address, serve various purposes.

Information on the Exchange

Use this section to provide dates of exchange related to the like-kind property for Form 8824, Part I, recalculated for Hawaii.

Computation of Gain and Basis

Use this section to provide details regarding the gain and basis of the exchange for Form 8824, Part III, recalculated for Hawaii.
Adjusted basis of like-kind property given up, etc
If there are
any
 assets in
any
 activity in the asset module for this return, the amount here transfers from the asset module. This field defaults to the federal
8824
 screen only when the asset module hasn't been used for this return.

Related Party Exchanges

Use this section to provide information on a related party exchange for Form 8824, Part II, recalculated for Hawaii.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Hawaii

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