Like Kind Exchange - ATX Software

[jasdlm]

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!

[schirallicpa]

I want to follow this to see if anyone has an answer other than override.

[G2R]

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

[DANRVAN]

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.

[jasdlm]

Thank you, thank you!