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- Erroneous general election statement "Election to Not Apply Like-kind regulations"
Erroneous general election statement "Election to Not Apply Like-kind regulations"
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almostfamous
Level 1
Thursday
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I have input data properly using the like-kind exchange wizard in the depreciation section. The form 8824 is coming up properly. The problem is that at the end of my return there is a General Election Statement that states I am electing to not apply the like-kind regulations. This statement is false and contradicts the Form 8824 which indicates I am in fact applying like-kind regulations. I have no idea where this election statement is coming from since there is no "jump to input" available on this election statement. Does anyone know how I can fix this? I will not file until this election statement is removed. Much obliged.
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Jack4
Employee
Thursday
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The election statement generates when the box is checked on the input screen for "Simplified method - elect not to create carryover basis assets." When that is selected, you are electing out of the regulation, and are required to submit a statement with the old property's information.
If you do not want the election statement, you can uncheck the box and it will go away.
