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Get your taxes done using TurboTax
@mw29 The following are the worksheet records what I calculate and entered to TurboTax Premier for the 1031-exchange we did in 2019, one OLD rental property exchange for two NEW rental properties, adding a little cash out-of-pocket. It took me a lot of time. Hope it could help you. WARNING: this is understanding of myself about entering the numbers for 1031-exchange in TurboTax. Refer to it on your own risk.
1. Enter OLD property in 1031 Exchange first.
-- Do the calculation for entries of "Like Kind exchange" first, then enter under Business Items --> Sale of Business Property.
2. Do these calculations for OLD and NEW properties first
3. Do these calculations for OLD and NEW properties first
-- In screenshot above, row 167, I made a mistake, I think. I should include the Acquisition cost of NEW properties in the "Exchange Expenses" and all other expenses for 1031-exchange together with the cost of selling OLD. In this way, I do not need to adjust Basis again in the property entry of NEW to include Acquisition Cost of NEW.
4. Add new property entry for NEW #1