Hi all
2020 was the first time I did a DST/1031 exchange. I got my DTS papers from the qualified intermediary and a 2020 Year-end Tax Information from the DTS.
I have a few questions about what to do now and the steps I took; I would appreciate any feedback if what I am doing is correct:
1. I added the DST property in the "Rental Properties and Royalties" of Turbo Tax , used the information from the DST 2020 "Profit and Loss" report part given to me (BTW, there was no reported depreciation in the report, not sure if this is typical?)
2. I reported the exchange on "Sales of business property" section in Turbo Tax
3. Do I have to file a tax return in Alabama. where the actual property is located? ( I am a resident of Indiana)
Per Turbo Tax, with the information I placed, it calculates that I have a Net Income of $4 ( four dollars)
Thanks for any help
