The following diagnostic is generating:
Like-kind exchange (trade) of depreciable asset # {NumOfDeprecAsset} : In order to qualify as a like-kind exchange the replacement property must be received within 180 days after the original property was actually transferred.
Solution:
The replacement asset must be received within 180 days of transferring the original (relinquished) asset.
- Navigate to Deductions>Screen 22 Depreciation
- Select the asset with the like-kind exchange.
- Scroll to the Like Kine Exchnages (8824) section and check that the Date property reveived field is within 180 days.
Critically informational, won't prevent e-file transmission.
