I am TurboTax long term customer for years, each year I will use your software for tax return. I have a 1031 exchange one house for two houses in 2021.
I know how to enter form 8244 now, however, after I entered form 8244 for my first like-kind replacement property, how can I continue to enter info for my second replacement property?
Do I need to enter two 8244 forms? here are the questions:
(1) if my relinquished property FMV is $400,000, My 2 like-kind replacement property is $240,000 and $320,000, how can I enter form 8244?
(2) How can I calculate the cost basis for relinquished house and replacement house?
(3) after I entered my first replacement house, should I put extra money value $160,000 ( 400k -240k) in form 8244?
(4) if I need to enter second form 8244, shall I put FMV for relinquished house as $400,000 or $160,000? ( I have used 240,000 to buy the first replacement house, the money left over from exchange is only 160k, so I need to put my own extra money to buy the second house.
Thank you in advance for your time and kindness to help me!!
Thank you!!
Derek Shi
