DianeW777
Expert Alumni

Investors & landlords

Yes, you are correct in regards to getting the same results.  I wanted to provide this easier step-by-step so that you can see it for yourself, it may or may not be easier for you and you do NOT have to do the process over.

 

Did you add the assets back to your rental activity? It seems this is what you may be missing from your comment: what I don't see is a Depreciation & Amortization report in the TT2020 forms section.  

  • If you selected that the property was disposed of (sold, retired, traded, etc) then they are done or closed out so to speak in your return.  For this reason you must re-enter them like a new asset but with a new name ONLY -  the dates and  details as originally entered remain the same because the depreciation simply continues on.

    • TurboTax needs this to continue the assets, it doesn't automatically add them back after relating it to the trade. It may seem contrary.

The details of your trade will remain the same and so will the old assets, but they must be entered again to keep them going on the new property.

 

Keep all of your 1031 exchange information for the ultimate sale and/or another trade because you carry a tax free gain on the exchange until an ultimate complete disposition/sale with no trade involved. 

 

Please update if you have more questions.

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