How have others solved the tax free exchange issue when it won't take no for an answer to do you have different property received

Forum|Forum|6 years ago
October 10, 2019
3 replies
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TurboTax Self Employed Online

Anonymous_

Level 15

Are you trying to enter a like-kind (1031) exchange? Please provide more details regarding the transaction.

You can also contact Support (link below) during regular business hours for assistance.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Anonymous

Your question is a bit nebulous. What is the issue? Can you be a little more clear?

knphan81

Level 2

Don't enter the loan amount 'assumed'. I had initially entered the new loan amount I am getting for the loan but I don't think this is applicable since I am not assuming the seller's loan. Without this figure, my figures were in line. TurboTax should have been more specific on adding further clarification on this particular question because it is confused with a persons new loan vs assuming someone else's loan. This causes unnecessary confusion taking me days to figure out that I didn't need to enter it. My relinquish property was valued at $165k and my new purchase was $260k so I definitely did not have any boot (cash) leftover. All my proceeds were used for the down payment of the new home so that question of 'different property received' should not have been a requirement.