@khunt127 wrote:
The questions Turbo Tax ask are so confusing I thought I would just go to the Forms section and fill it out that way. Unfortunately, I have not be able to figure out exactly what the calculations are asking for on lines 5 and Line 18 of that form .
I am not sure where you are experiencing issues, but your actual exchange should not be that difficult to enter into TurboTax.
First of all, Line 5 is the date you identified the property you received (the parcel of land) and only you would know that date.
Line 18 is the adjusted basis of the property you relinquished (which should be the $325,087 you noted in your original post).
You did not mention exchange fees but you almost certainly would have incurred at least some fees for the 1031 exchange.
Beyond that, the fair market value of the property you relinquished appears to be $415,000 while the fair market value of the replacement property appears to be $85,000. Those figures, as well as the adjusted basis of the relinquished property are critical.
Finally, you did not mention accumulated depreciation, but you need to adjust your basis for that figure.
