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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

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)

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