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Level 2
March 22, 2024
Question

Line 25 Form 8824 incorrectly calculates basis of like-kind property received when there is a partial 1031 exchange and a Section 121 exclusion doubling amount ln 25?

  • March 22, 2024
  • 1 reply
  • 19 views
Had to override ln 25 to fix the error and other line further down the smart worksheet.  Will I be able to e-file this return with the overrides?
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1 reply

dascpa
Level 11
March 22, 2024

I calculate 1031's on an Excel worksheet for both deferral amounts and new basis amounts. I then make sure I and P.S. agree.  If necessary I've had to at times override P.S. numbers and never had an issue with e-filing.

Level 2
March 23, 2024

Thanks... ProSeries should fix this bug.  The process they put you through is so cumbersome and time consuming I don't have the time or energy to pursue it.