mabcpa1
Level 1
‎03-31-2022 04:49 PM

How do I report reliquishing one property for two?  I recall being able to do this several years ago, but can't seem to find it on 2021 software.  Do I need to rpoert the combined replacement property amounts on the form and then complete my own calculation to allocate the adjusted new properties basis between the two?

Thank you.

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dkh
Level 15
‎03-31-2022 05:08 PM

Did taxpayer have a 1031 exchange for real estate?  If yes, form 8824 is available in PS Professional

Just-Lisa-Now-
Level 15
Level 15
‎03-31-2022 05:29 PM

If youre referring to a 1031 exchange, try this

https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-busi...


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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mabcpa1
Level 1
‎04-03-2022 10:46 AM

Thanks, dhk, but I was seeking guidance on how to report two replacement properties.  I assume that I will need to do this outside of PS and allocate the new adjusted basis of the replacementment properties without the assistance of PS.  Many years ago, PS did accomodate multiple replacement properties.

Thank you.

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qbteachmt
Level 15
‎04-03-2022 12:09 PM

"but I was seeking guidance on how to report two replacement properties."

Yes, that would be 1031 exchange. Was it in an exchange with a qualified intermediary?

Was it commercial or residential?

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