Fill Form 4797 Transaction 2024-2025

Hello, my name is Doug with Intuit. This short video is a quick overview of the time-saving like-kind exchange wizard. This time-saving tool makes this complex entry quick and easy. Customers that use this feature have told us it can save them up to 18 minutes per return when entering this transaction. The like-kind exchange wizard was designed to guide the preparer through all the necessary entries to accurately calculate the exchange. Whether you've never done a 1031 exchange or you've completed many of them, the like-kind exchange wizard speeds accurate completion of form 8824. The wizard will even calculate the new basis going forward or it will create a new asset with the new basis if you choose the simplified method. Let's take a look with our client file open to the content screen. I will select screen 22, depreciation, and press main or key on my keyboard to open that input screen. On the depreciation screen, I have two rental properties. We will dispose of rental property number one and replace it with a new rental property using the simplified method to calculate the new basis going forward. First, I will select the principal asset. In this case, it will be the building. And then, I will go to the like-kind exchange link in the section called "Jump To" at the lower left-hand side of the screen and click it. My interactive screen is now at the like-kind exchanges AD 824 input string. In the upper left-hand corner of this input section, you will see the button for the like-kind exchange wizard. The first window we will see is the welcome screen. This screen explains that it will guide us through the steps necessary to complete the exchange. The welcome screen also alerts you to the information that will be...