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Get your taxes done using TurboTax
Report TO THE PROGRAM that the rental was converted to personal use on the date it was involved in the 1031 Exchange.
Claiming that the rental was converted is NOT anything that is actually reported on the return, it simply allows the program to report the 1031 exchange and depreciation properly.
The program does not supply an alternative method.
You also need to keep track of the deferred gain for future reporting.
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‎January 31, 2024
12:49 PM
3,787 Views