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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- FORM 8824 LIKE KIND ESCHANGES
FORM 8824 LIKE KIND ESCHANGES
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G_Astolfi_94
Level 1
10-11-2022
05:15 PM
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ON THE FORM 8824 DATA ENTRY I AM GETTING A CASH RECEIVED ERROR.
THE FMV OF THE PROPERTY RECEIVED IS LESS THAN THE FMV OF THE PROPERTY GIVEN UP WHICH CREATES A LOSS. THE SOFTWARE IS LOOKING FOR CASH RECEIVED (WHICH WAS $0) AND SHOWING AN ERROR. HOW CAN I OVERRIDE THIS
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Just-Lisa-Now-
Level 15
10-11-2022
05:21 PM
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if the replacement property cost is less than what they sold the original property for, then they may have taxable boot, not a loss.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15
10-11-2022
08:21 PM
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@G_Astolfi_94 wrote:
THE FMV OF THE PROPERTY RECEIVED IS LESS THAN THE FMV OF THE PROPERTY GIVEN UP WHICH CREATES A LOSS. THE SOFTWARE IS LOOKING FOR CASH RECEIVED (WHICH WAS $0)
For example, you are saying they sold a property worth $300,000, and received another property worth $250,000 and $0 cash?
If so, the first property wasn't really worth $300,000. It was worth $250,000 because that is what they were able to get from it.
njb
Level 1
10-12-2022
08:45 PM
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I have the opposite problem. Received property, including cash, is more than the property given up. There was no cash given up. So there is a gain.
The worksheet keeps putting the gain amount on line M as "Cash Given". And adds it to Line 18, Adj Basis of Like Kind Property Given Up.
What am I missing? It is a related party exchange.
