Get your taxes done using TurboTax
@Anonymous_ wrote:You can try the thread at the following link, but TurboTax does not really support multi-asset exchanges.
In the Property Profile section, do not check the box indicating you sold the property (as you were instructed not to do). Instead, check the box in the Assets/Depreciation section (as shown in the screenshot below).
@Anonymous_I just wanted to say thank you so much!! I have been trying so many different things to make this work and of course it was really that simple! I have been doing my own taxes for years using TT and never had much problem. This year was the first year I did a 1031 exchange, selling one single family home for 2 new ones.
Of course as I entered in all my rentals the one I sold I marked it as such. Then found the like-kind exchange section and entered everything there. I have been trying for days to see how the 8824 and 4797 connect so the like kind amount would wash out the gain on the 4797.... now thanks to your comments I realize we either complete one or the other NOT both!
My biggest struggle now is how to properly enter the info when exchanging one rental for two. TT doesn't seem to like that so much. Fortunately since both of the new properties were more individually than the one I sold, I think I am just going to do a one for one when I fill out the like-kind exchange info. Unless there is a better suggestion?
For anyone else trying to do this, in the rental property profile this is the box NOT to check even though you did sell the property as part of a 1031 exchange:
Then under the assets/depreciation section of the same property you will say yes that you disposed of the property in 2021, its a yes/no question and enter the date of disposition.
Then go down to business items, sale of business property and the first screen after you click into that section will give you some check boxes. Select the one for like-kind exchanges (1031) and enter the info!
