Simplified Method of Depreciation Election Statement for 1031 Like-Kind Exchange

Forum|Forum|2 years ago
February 19, 2024
2 replies
19 views

Hi,

I am writing to seek guidance on how to prepare the election statement for a simplified method of depreciation for my first time 1031 like-kind exchange filing.

I have noticed that on ProConnect, the election statement is printed with the return and can be attached to the e-file.

However, it seems that ProSeries does not to print the election statement.

Please advise me on how to prepare the election statement.

Thank you for your help in advance.

ProSeries Basic

This topic has been closed for replies.

Best answer by TaxGuyBill

Are you referring to the election out of §1.168(i)-6?

On the Asset Entry Worksheet, abut 1/3rd of the way down is a checkbox for that. The election statement shows on the very bottom of the 4562.

Just-Lisa-Now-

Intuit Community Champion

If you use the Where Do I Enter box and type EL you'll find a list of premade elections that ProSeries has to choose from.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

David94Author

Level 4

Thank you for your response.

But it seems that there is no election form regarding Form 8824 which I want to find.

And I am using ProSeries Basic.

Thank you,

T

TaxGuyBillAnswer

Level 15

Are you referring to the election out of §1.168(i)-6?

On the Asset Entry Worksheet, abut 1/3rd of the way down is a checkbox for that. The election statement shows on the very bottom of the 4562.

D

David94Author

Level 4

Thank you for your advise.

I found out it.

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