MarilynG1
Expert Alumni

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.

 

 

@kjpkjp28 

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