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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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- Reporting failed like-kind exchange on 8824 and 6252
Reporting failed like-kind exchange on 8824 and 6252
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goose406
Level 2
06-30-2020
02:02 PM
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ProSeries will not allow "Failed" as a date entry on line 5 and 6 of Form 8824 and zero for principal payments received on form 6252. This is intended to defer the gain until 2020 on a failed exchange when proceeds were finally received in May 2020 as allowed by TD 8535.
What is the workaround/solution? (Paper file?)
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