1065-US: Reporting the current-year like-kind exchange of an asset (FAQ)

Alerts and notices

Question

What input screens are used to report the current-year like-kind exchange of an asset?

Answer

  • Screen 8824 - Use Screen 8824 to enter like-kind exchange information for an asset without a section 179 expense deduction. The like-kind exchange information that you enter in Screen 8824 is used to complete Forms 6252 and 8824.
  • Screen 8824PT
    • In the Income & Deductions, Schedule K, Farm, Farm Rental, and Rent & Royalty folders - Use Screen 8824PT to enter like-kind exchange information for an asset with a section 179 expense deduction. The like-kind exchange information that you enter in Screen 8824PT is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.
    • In the K1 1065, 1041 folder - Use Screen 8824PT to report separately stated like-kind exchange information for an asset with a section 179 expense deduction from Schedule K-1, box 20, code L from a passthrough entity in which the partnership is a partner. The like-kind exchange information that you enter in this screen is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.

Related topic: Forms 4684, 4797, 6252, and 8824 and Schedule D FAQs (1065)