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Get your taxes done using TurboTax
Hello @Anonymous_
Could you walk through how to do this on TurboTax Online version / TurboTax Premier?
I am trying to set the relinquished property to "item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away (or it's not longer being used in business for some reason)" per your screenshot.
Below is the the procedure that I am following from the online version:
-WAGES & INCOME
-Your 2021 Rentals & Royalties Summary
-Assets>Rental property>Edit
-Did You Stop Using This Asset in 2021? Select YES if sold, stolen, destroyed, converted to personal use, given away, taken out of service for any other reason [Hit Yes since trying to fix relinquished property in 1031 which is causing an incorrect large Passive Activity Loss in form 8582]
-Disposition Information: [Entered Date of Sale or Disposition & Date Acquired]
-Special Handling Required? You gave this asset away as a gift. [Hit YES}
-Depreciated Deduction Amount: Your amount for property is X. We'll transfer this amount to the correct form for you.
-Goes back to your Property Assets. DONE
After I've done all this it still shows (incorrect behavior) Passive Activity Loss of <262K> from the relinquished property.
How do you mark a rental property as the relinquished property in a 1031 exchange?