Question

One for multiple property like kind exchange in Turbo Tax Premier

Forum|Forum|4 years ago
March 23, 2022
1 reply
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Hello,

I exchanged a property this year for 4 other properties (3 houses and a piece of land). The TT interface seems to only handle one for one exchanges and even if I open up the form 8842 it doesn't seem to allow me to list multiple replacement properties in any way. Is there a way to accomplish this in Turbo Tax Premier desktop version? I've read several articles but none seem to apply to multiple replacement properties.

Thank you very much in advance for you assistance.

DaveF1006

Although you can include multiple properties in one exchange, you need to generate separate 8824 for each property exchanged. When multiple properties are either relinquished or received, the taxpayer should prepare a schedule to show the detail by property. This schedule is kept for your records to use to prepare your 8824 and for IRS purposes if there are questions about the exchanges.

Since you are using Turbo Tax desktop, go to forms>open form>type in 8824. There will then be an 8824 form. You can actually enter information on the form itself regarding the individual properties. After the first form is complete, then go through and add the second one and complete that. Do this until all four 8824's are complete.

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F

FakenameAuthor

Thank you @DaveF1006 , I will give that a try, a couple of follow up questions:

1. When I'm listing the relinquished property under the rentals, do I mark it as sold?

2. Do I just bypass the like kind section in the interface since it seems to only be able to consider one replacement? I started filling it out when I found this issue, now I may just have to back the info out.