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Like Kind Exchange-2nd Question


Randall

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If rental property given up in a like kind exchange has suspended PALs, my understanding when a gain is deferred, the suspended PALs are not released and must be carried forward with the new replacement property. How do I input this in ATX? If I mark the old property as final disposition, the suspended PALs are released in Form 8582. Do I keep this property open in ATX for future years, showing a Sch E property with no income and expense in future years, just so the property is not marked final disposition until the new replacement property is disposed of in the future. If so, how do I relate these two properties in ATX or do I just have to manually note this for the future? Is there a way in ATX to adjust the suspended PAL from the old property to the new property so that it will be assigned to the new property in the future?

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