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How do I enter a 1031 exchange in SureFire 2017?

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📊 Step-by-Step Guide

Step 1: Open the asset involved in the 1031 exchange

Use this when you need to start the 1031 exchange entry for the correct asset.

Go to the Asset involved in the 1031 exchange.

Step 2: Select the correct transaction type

Use this to begin the exchange/disposition workflow.

Select the Sale, Exchange, Disposition button.

Step 3: Complete the depreciation stop section

Use this to ensure depreciation is handled correctly for the exchange/disposition.

Complete the Stop Depreciatiomortization section.

 

If you have multiple assets to discard, see instructions below.

Step 4: Go to Form 8824 (Page 1)

Use this to complete the first part of Form 8824.

Go to form 8824, page 1.

Complete Part I.

Step 5: Go to Form 8824 (Page 2)

Use this to complete the remaining lines on Form 8824.

Go to form 8824, page 2.

Complete lines 15-25.

 

 

📋 To dispose of Multiple Assets

Step 1: Start with the main asset worksheet

Use this when you have a bulk disposition involving more than one asset.

Go to the Sale, Exchange, Disposition worksheet of the main asset.

Step 2: Enter the number of assets on the first line

Use this to indicate how many depreciable assets are included.

In the Sale of Depreciable Asset section, enter a number on the first line. Example: 1

Step 3: Mark the main asset

Use this to identify which asset is the main asset in the bulk disposition.

Since this is the Main Asset, select the check box on the next line.

Step 4: Enter remaining assets

Use this to add each remaining asset included in the bulk disposition.

Then for all of the remaining assets for this bulk disposition, enter a 1 on the first line.

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