Hi Community,
I am completing a 1031 exchange on form 8824, TY 2023, and noticed there is no way to select which line the Basis of Like-Kind Property Received can be entered into. On the form you now have the choice of:
25a) sec 1250,
25b) sec 1245, and
25c) intangible property
for your property received. The taxpayer received a rental property, and I'd like to select sec 1250 (line 25a), but, unless I'm missing something, proconnect just puts the basis on the sec 1245 line (25b).
Is there a way to select line 25a instead of line 25b for the final destination of line 25 basis, or has proconnect not programmed this form correctly? I am filling out this form via the Depreciation Schedule.
UPDATE: Customer Support solved this for me, but I am leaving this up in case anyone else has this problem!
There is a Miscellaneous Section under Dispositions with this entry:
Blank=1245, 1=1250, 2=1252, 3=1254, 4=1255 [Override]
Thank you for the follow up and solution.
This should possibly be an improvement in the instructions
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