I found something from Randy that explains How to do a 1031 and it says
- First, enter the data for the 1031 Exchange. This is done under FEDERAL TAXES... Wages & Income... Business Items... Sale of Business Property. The first question is on "Any Other Property Sales?". Check the box for like-kind exchanges. Complete the questions in this section and TurboTax will:
- Generate form 8824 for your like-kind exchange
- Calculate the Deferred Gain. This is presented after you answer the questions for the like-kind exchange.
- Calculate your New Property Basis. This is presented after it presents the Deferred Gain. Write down the New Property Basis as you will need it later.
My concern is in the year 2005. I do not have a copy of my 2005 return, I'm trying to recreate it from "Tax History from 2008 and I can not find step 1 in Turbotax 2005 Premier
