1065 LIKE KIND EXCHANGE QUESTION

Forum|Forum|1 month ago
May 22, 2026
1 reply
10 views

1065 client.. they did a 1031 exchange.. i see there is Form 8824 to show the exhange.. Do I also show the asset being disposed of a sale on the asset entry worksheet.. won't that double it up? thanks

ProSeries Professional

Best answer by TaxGuyBill

You don't enter the sales price on the Asset Entry Worksheet.

How you deal with depreciating the new property is a bit more complicated though and takes some fudging to get it done in ProSeries (unless you make the election to combine all depreciation into one new asset, but that usually is not what most people want).

T

TaxGuyBillAnswer

Level 15

You don't enter the sales price on the Asset Entry Worksheet.

How you deal with depreciating the new property is a bit more complicated though and takes some fudging to get it done in ProSeries (unless you make the election to combine all depreciation into one new asset, but that usually is not what most people want).

Jim-from-Ohio

Author

Intuit Community Champion

Thanks! first time with a like kind exchange.. the entry page for the like kind treatment is pretty confusing

sjrcpa

Level 15

It's confusing in Lacerte, too.

I always have my end result worked out first. Then I fill out the form manually and back into the software to get it to come out right.

The more I know the more I don’t know.

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