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Get your taxes done using TurboTax
Thank you tagteam for the advice.
IPX1031 which helped us complete the exchanges also believed that the rental farm is a like-kind with respect to residential rental real estate.
Tagteam, I did three exchanges last year, with three individual IPX1031 exchange case numbers. Would you please confirm my questions:
- Two exchanges involved one relinquished rental house and one replacement rental house.
- I need to file two 8824 forms, one for each exchange, correct?
- Should I link the exchange to the Schedule E of the relinquished property (in Turbo Tax)? My apologies for a silly question - what is the use case or reason to link the exchange to schedule E, schedule D, form 8435, or other schedules?
- The third exchange involved three relinquishes properties (one rental farm, two rental houses) and three replacement properties (all rental houses).
- I need to file a SUMMARY 8824, and attach my own statement for each pair of the relinquished property and replacement property, with information as close as those on a 8824:
- As I need to attach my own statements, the only filing option for me is to paper file my 2021 return. Correct?
- I need to specify in each statement to link it to Schedule E of the relinquished property for the two pairs where the relinquished property is a rental house; specify in the statement to link to Form 4835 where the relinquished property is a rental farm? Correct?
- I need to file a SUMMARY 8824, and attach my own statement for each pair of the relinquished property and replacement property, with information as close as those on a 8824:
I really appreciate all the responses!
Lily
March 23, 2022
4:37 PM