Hi, Last July we sold our Small Ranch in Texas. We Signed papers for a new ranch in Oklahoma a few days after we agreed to sell the texas property. Both places were or are our home as well.
It was suggested to do the 1031 exchange to avoid the capital gains taxes, if there are any.
We sold the land, barns, corrals home, and some other cattle equipment in texas, sold for $625, 000, we purchased for $375,000 with $3677 closing cost, Built a new Barn, sheds, added watering systems, remodeled the house, 2 times in 11 years, rebuilt all the fences and corrals, Improved all the roads with hauled in material, had losses for wind and hail damage, etc About $249,786 worth, Looked like we had $628,150 or so in it. Cost us $34,838 to sell it. Cach from sale went to a 1031 Intermediate, who transferred the money to the new Sale when we went thru closing there ($537,160)
We purchased new plase for $675, 000 Home, barns, Fences, pretty much the same as old place. Paid about $5832 in Closing cost on that.
Question is how do I record this in Turbo Tax to avoid any capital gain costs?
I entered it as Farm sold , I do not readily see an enter to use for 1031 exchange where I avoid any capital gains. When I do the 4797 a business property sold I decrease my Tax refund by nearly $3000, wanted to be sure I'm not missing something, oddly it shows there as a Loss of -$32000 or so.
Am I doing it correctly or is there something I missed
