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Completing a Like Kind Exchange in Fixed Asset Manager

by ProSeries Fixed Asset Manager Updated 7 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:

  1. Open the Asset that was traded in.
  2. Select the Disposal tab.
  3. Check Yes for Has this asset been disposed.
  4. Enter adjustments in the Expense of Sale until the Gain/loss on sale is 0.
  5. Using the Form 8824 and it's instructions calculate the basis for the new property.
  6. Add the new asset.
ProSeries Fixed Asset Manager

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