How to report 1031 exchange on tax returns

[Marie Z.]

I am wondering if there is anyone on this site who can advise me on how to fill out forms to report a 1031 exchange for 2020. We sold 2 houses and purchased 1 by doing a 1031 exchange. I know I have to fill out 8824 and 4797. I'm not sure if I can put both properties relinquished on the same form 8824. How do I calculate the basis of properties relinquished? 

[Linda Weygant]

Quote from @Marie Z.:

I am wondering if there is anyone on this site who can advise me on how to fill out forms to report a 1031 exchange for 2020. We sold 2 houses and purchased 1 by doing a 1031 exchange. I know I have to fill out 8824 and 4797. I'm not sure if I can put both properties relinquished on the same form 8824. How do I calculate the basis of properties relinquished? 

 Hi Marie,

The 8824 is one of the most complex tax forms there is.  Many CPA/EAs/Other tax professionals don't touch these forms and refer them off to tax professionals who specialize in this.

It's not the type of thing I'd advise a layperson to do, particularly if you're struggling with the first step, which is the basis calculation.