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Get your taxes done using TurboTax
Not seeing an issue here. Your screenshots show that you exchanged a property worth more for a property worth less. The loss was calculated into the basis for the new property.
You're not paying taxes on any gains (in your case it was a loss), until the 'new property' is sold, as gain is deferred in a 1031 exchange. Your loss is taken by reducing the Cost Basis of the new property.
Here's more info on How to Enter a Like-Kind Exchange and 1031 Exchanges.
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‎April 16, 2025
11:54 AM