- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Frankly, I believe you need professional tax guidance at this point.
The exchange should have been reported in the tax year in which the relinquished property was transferred on Form 8824.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
EDITED RESPONSE: I just read in the code at https://en.wikipedia.org/wiki/Internal_Revenue_Code_section_1031#Time_limits that the time limit from start to finish for a 1031 is 180 days. I can't find it in the actual IRS code itself.
If this is rental property you are entering, you enter each property one at a time. You will not enter the 2nd property until you have completed *EVERYTHING* for the first property. You'll know when you finished with the first property when you get to a screen with an "Add Another Rental or Royalty" button on it.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@Carl wrote:
...I can't find it in the actual IRS code itself.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you're interested, all the info I used is from IRS publication 544, pgs 13, 15, 17. All the time limits were satisfied: sale closed Nov. 22, 2017 and both replacement properties closed before January 20, 2018, and funds were held in escrow by a "Qualified Intermediary". Thanks for your help on entering multiple properties--I'll give that a try.