- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
There are several expenses that are deductible in a 1031 exchange and several that are not It seems to me that - based on your numbers - you increased the basis by the 51K and then reduced it by taking four years of depreciation. So that left you a 23K increase after the four years.
But there may be other explanations. TurboTax should have added the allowable expenses to your depreciable basis. I would be very hesitant to try and take a 51K expense that I didn't have a record of without getting proof that you didn't already take it.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 11, 2025
2:57 PM