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LKE - 2 assets relinquished for 3 assets received

2 assets Land and Building. Acquired are 3 assets - alls3 DST's which will be segregated into Land and Building so it is really 6 assets.

Should I use the LKE wizard?   

LC has guidance but it is complicated.  "bulk sale" in the instructions?  Essentially they advise not using the LKE wizard, right?

 

How do you enter a multiple-asset like-kind exchange?

  • Begin by handling the transaction like a bulk sale.
  • After you've created the bulk sale for Asset 1 and Asset 2, create the new asset received. Enter the pertinent information in the new asset received along with the Name or number of primary asset in like-kind exchange (code 279) of the two assets given up by pressing Ctrl+T and entering Asset 1's asset number on one line and Asset 2's asset number on the second input line.
  • For example, you're disposing two assets for one. In Asset 1, enter all the sale information along with the pertinent like-kind exchange information. In Asset 2, enter the number of asset containing the sales price along with the date sold. If the client is setting up the new asset for the asset received, enter in the new asset created the date placed in service, cost or basis, method along the asset number of the two assets given up in Name or number of primary asset in like-kind exchange (code 279) by pressing Ctrl+T entering Asset 1's asset number on one line of the input and Asset 2's asset number on line 2 of the input. If the client doesn't set up a new asset for the asset received, then enter Asset 1's asset number in Asset 2's Name or number of primary asset in like-kind exchange (code 279
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Solved

I did a Bulk Sale and used the LKE wizard, as indicated in the instructions.  The new asset has the correct basis.  

 

sjrcpa
Level 15

Congratulations!

These can be hard in the software.


Ex-AllStar