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Video instructions and help with filling out and completing Fill Form 4797 Transaction

Instructions and Help about Fill Form 4797 Transaction

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 the form 88 24 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 now we'll go to the like-kind exchange link in the section jump to box 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 light 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 needed to successfully complete the exchange on the next window we will start entering data the date the property was transferred the next field shows that we are on properties for the schedule Eve this is prefilled because I started from the principal asset of the exchange the building and it is tied to the Schedule E now we will select the other assets included in the exchange to select them all at once I will down my control button on my keyboard and with my mouse click each asset to be included in the exchange then it will click the greater-than button to move the assets to the properties being exchanged window on the right hand side of the screen and click the next button the next window is for the land or building receive data entry I will give the property a description and complete the other fields related to the exchange including the price and then click the next button now we enter any other funny other financial information from the exchange including any down payments given or received and any mortgages given up or received I will also enter expenses associated with the exchange like realtor Commission's or advertising and then click the next button in the next screen we enter information about other property given up that was included in the exchange and click Next the next window is where we make the election for the simplified method or not notice the window provides information about the difference in the output provided based on the election method you choose I will use the simplified method for my demonstration and click the next button the simplified election method confirmation screen is next everything should be correct but if it is not now is the time to go back and correct it the next window will be the like-kind exchange summary where you can scroll through the detail one last time before finishing the exchange I'll click the finish button to complete the data entry for our like-kind exchange the next window that opens is for the new property to be created and the associated new basis it will have by clicking the yes button the software will create the new asset to be displayed on the depreciation screen 22 as you can see here is the new asset let's take a look at the form 88 24 as you can see the program calculates both the 88 24 and the AMT version for review and inclusion in the return also let's look at the depreciation schedule here you can see it shows the depreciation for both the property disposed of in the exchange and the new property and the associated appreciation calculated for each this is just one of many time-saving features in the Lacerte tax program to view a complete list please go to tax pro dot intuit calm slash Lacerte slash time - saving - tools or go to our website training pages for more information on these and other program features and tools.

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