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Investors & landlords
Don't waste your time to try using Turbo tax for 1031 exchanges its a half baked module.
and does not work correctly when creating forms 8824 or 3840 because if you add more than the exchange than one replacement property, it produces haywire results. Also, there is no provision to handle additional funds injected in the exchange process.
The CA form 3840 is also a joke if you replenish more than one property for 1 replaced property. Its much easier to follow the IRS instruction to produce the 8824 and the CA board instruction for 3840, and just substitute these forms in the package that you mail to the respective TAX departments.
May 4, 2023
9:04 AM