8824 on 1024 - 2 for 2

[sharpcougar]

My client sold 2 different properties in exchange for 2 other properties. Relinquished properties were vacant lots and new properties are also a vacant lot. Couple of question. 1. Do I need 2 8824s? 2. If I complete 8824 does it carry to 4797 automatically?

Properties relinquished were in Houston and new lots purchased were in another city.

this is my first time doing an 8824.

[BobKamman · Accepted solution]

The location of the properties doesn't matter.  I would use a single 8824.  It shouldn't go to Form 4797, but straight to Schedule D (although if all the gain is deferred, it would not show up as income anywhere).