Anonymous
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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.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 first2. Do these calculations for OLD and NEW properties first3. Do these calculations for OLD and NEW properties first3. 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 #14. Add new property entry for NEW #15_NEW-#1-properties.jpg