Support CenterEntering Like-Kind Exchanges
🔍 Entering Like-Kind Exchanges
This guide explains how SureFire calculates the basis of the new asset during a like-kind exchange and what worksheet you need to create to record it.
⚠️ Before You Begin
Make sure you’re set up to create and link the correct worksheets in SureFire for your exchange.
📊 Step-by-Step Guide
Step 1: Confirm how the basis is calculated
SureFire calculates the basis of the new asset when the box is selected to elect out of the regulations listed under TD 9115.
Step 2: Create the depreciation worksheet
Create a new Depreciation worksheet to record the basis of the new asset.
❌ Common Errors
If you don’t select the correct election box or don’t create the worksheet to capture the basis, your depreciation may not reflect the exchange basis correctly.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
For additional information, see the IRS instructions for Form 8824 and T.D. 9115:
- http://www.irs.gov/pub/irs-pdf/f8824.pdf
- T.D. 9115 - Depreciation of MACRS Property That is Acquired in a Like-kind Exchange or As a Result of an Involuntary Conversion
Tags: federal,form