On screen 22 I am trying to process 1031 Exchange of real estate. with the 8824 "Like Exchange Wizard".
The program does not calculate Capital Gains and Depreciated value and does not create a transfer value to new property. There is no place to input sale price of sold property.
Is there a way to show 1031 exchange of 1 property into 4 new ones?
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should help you to find the sales price (steps 5 & 6)
For 1 to many or many to not the same number you need to attach a statement to show details. Personally I create a spreadsheet to calculate all the proportionate numbers.
SUGGESTION: do a backup before each attempt at this process.
I hope you are billing well for this very time consuming process. I may be easier to just NOT use the wizard and enter the exchange through the dispositions screen. I use TaxTools to create the exchange worksheet numbers, but there are many online tools that do the same thing.
This response does not help with my problem.
It discusses using form 8949 not 8824 connected to screen 22 "like exchange wizard"
How about one with a video? https://proconnect.intuit.com/community/form-8949/help/how-do-i-enter-a-like-kind-exchange-section-1...
https://proconnect.intuit.com/community/federal-taxes/help/entering-a-like-kind-exchange/00/3634
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