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Completing a Like Kind Exchange in Fixed Asset Manager
by Intuit• Updated 4 months ago
Like Kind Exchanges in Fixed Asset Manager require manual calculations and adjustments. Fixed Asset Manager will not generate a Form 8824.
To manually enter the like-kind exchange:
- Open the Asset that was traded in.
- Select the Disposal tab.
- Check Yes for Has this asset been disposed.
- Enter adjustments in the Expense of Sale until the Gain/loss on sale is 0.
- Using the Form 8824 and it's instructions calculate the basis for the new property.
- Add the new asset.