1031 Exchange 1to 3 Properties

Forum|Forum|4 years ago
July 29, 2021
1 reply
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In Lacerte where and how do you enter a 1031 Like-Kind Exchange 1 property to 3 properties?

Lacerte Tax

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George4Tacks

Level 15

From the instructions for 8824

Multiple exchanges.

If you made more than one like-kind exchange, you can file a summary on one Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, "Summary" on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25.

https://proconnect.intuit.com/community/individual/help/using-the-like-kind-exchange-wizard-for-exchanging-one-1-asset/00/5153 is not a lot of help. You need to state the replacement property is "see attached" and use the Notes section to create the attachment, or use a pdf attachment for the explanation of the 3 new properties.

Answers are easy. Questions are hard!

abctax55

Level 15

I do it in an excel spreadsheet, which I then print & scan/attach.

HumanKind... Be Both

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