1031 Exchange where one rental exchanged for two new ones. Can I put all on same 8824?

[Giraffes5gb]

Cx did 1031 exchange through intermediary and I want to prepare 8824. I have reviewed the Proseries article "1040: Completing a Like-Kind Exchange of Business Property (1031 exchange)". Guidance works for me.

I just want to include the trade on one 8824, I think I can do this if the same type of property was relinquished and acquired. One rental home traded for two DST rental units.  Is that okay? Then I will create 4 new assets I believe.

[Just-Lisa-Now-]

I had a 1 for 4 back in 2017...thats how I did it. 

[abctax55 · Accepted solution]

Yes.  You need to attach a schedule detailing the necessary details property by property.  I do it in excel.

[Giraffes5gb]

Great! That works! I appreciate it!!

[SHELL20008]

Hi, How did you do 1 rental sales exchange for 2 or more rentals on proseries basic version?

Apprciate your reply soon.

Shelley

[sjrcpa]

Follow the guidance the others gave as answers last year.

[Giraffes5gb]

Here is the article I used to get the 1031 exchange entered in Proseries and record one sale in exchange for two new properties. Ultimately I ended up with four new assets for the two properties. You will have two assets for the excess basis allocated to the new properties and two separate assets for the new properties.

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

The guidance provided above plus all of the comments here really helped. 

[ptax255]

Does anyone have an exel worksheet statement they'd like to share? I have a one for 3 this year. Is it better to do multiple 8824 so the basis for each replacement property is calculated correctly? Thank you.

[callmefreud]

Having the same issue.  I can attach a note or a schedule - but the software wants one date and won't accept "various".

How do I e-file with an error?

[ptax255]

I'm having the same issue. Did you find a workaround?

[callmefreud]

On the actual form put a minimum of info and attach a pdf with all the details of the multiple properties, and all numbers that should appear on the form.  As I recall, I had to ignore some error checking and was able to submit electronically to both feds and state with attachment(s).

So far no IRS letter to my client.  fingers crossed.