jasdlm Posted October 13, 2023 Report Share Posted October 13, 2023 Client exchanged 2 properties into a new property. Best I can figure, ATX makes you proportion out the sale/purchase and assign individually to each asset on the depreciation schedule (original property, lot, remodel, hvac, etc). This results in an 8824 for each asset, which, of course, exceeds 5 and requires paper filing of the return AND seems really silly. I can't figure out a way to do one 8824 for each property using the fixed assets 'like kind exchange' system. I looked under 'bulk dispositions' but saw no option for anything other than a sale or an installment sale. Anyone know what I'm missing? Thanks much! Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted October 13, 2023 Report Share Posted October 13, 2023 I want to follow this to see if anyone has an answer other than override. Quote Link to comment Share on other sites More sharing options...
G2R Posted October 16, 2023 Report Share Posted October 16, 2023 You can do a summary of the like-kind exchange and have the details listed in the BLANK Statements. That's the the CCH/ATX website says to do. Here's a link to the website instructions. I've screenshot them for you too. https://support.cch.com/kb/solution/000162166/how-do-i-complete-a-1031-like-kind-exchange-for-multiple-assets-in-atx 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted October 19, 2023 Report Share Posted October 19, 2023 On 10/16/2023 at 8:35 AM, G2R said: You can do a summary of the like-kind exchange I use excel spread sheet to allocate and summarize. Several years ago I did one for a new client with 1040x because original had been totally blotched by previous preparer. That and other mistakes were in client's favor by $20,000+. 1040x was audited with no change. 2 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted October 19, 2023 Author Report Share Posted October 19, 2023 Thank you, thank you! Quote Link to comment Share on other sites More sharing options...
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