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Federal input screens

Screen 8824 - Like-Kind Exchanges (1065)

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General Information

Unit / Form
The form and unit number automatically complete when assets are transferred from the asset module. Enter data in these fields only when you manually enter asset information and you want to use these fields for identification purposes.
Property given up
Enter the description of the property given up. The application uses the description on Form 6252 and Form 8824 and in the application folders block. This field is mandatory.
Treatment
The code (
1
,
2
,
S
,
L
, or
M
) in this field describes the nature of the asset and tells the application where to transfer the information on Form 4797 or Schedule D.
note
Codes S, L, and M are not available in the 8824 Screen in the Income & Deductions folder.

Computation of Gain and Basis

The amounts in this section transfer to Form 8824, Part III. Enter data in these fields to override data transferred from the asset module or to manually enter asset information when you do not use the asset module.
note
The application does not automatically transfer to the tax return the gain or loss recognized on not like-kind property used in the exchange. To report the gain or loss on the not like-kind property used in the exchange, enter the exchange information for those items separately on the appropriate screen, based on the correct reporting of the exchange.
Installment obligation received in like-kind exchange
Enter the installment obligation received in the like-kind exchange. When Form 8824, line 22 is a gain, a statement prints that displays the calculated values for the gross profit and contract price transferred to Form 6252, lines 16 and 18 based on IRC section 453(f)(6) and Proposed Regulations section 1.453-1(f).
note
If you enter an amount in this field, the gain from Form 8824, line 22 is not reported on Form 4797 or Schedule D. Instead, information from this like-kind exchange transfers directly to Form 6252.

Related Party Exchanges

Explanation if no tax avoidance purpose
Use the statement to enter an explanation if the no tax avoidance exception applies to the disposition. If there is data in this statement and the
Special condition if applicable
 field is blank, the application enters an X in the appropriate field on the form and prints the statement.

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