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Investors & landlords
You might want to seek professional guidance for the 2021 tax year.
Otherwise, the program will perform all of the calculations for you.
The mortgage balance is not relevant unless the mortgage was assumed.
If you are going to try and enter this into TurboTax yourself, you should wait until the replacement property closes and, at the very least, do not file until that transaction closes.
From glancing over the figures, your gain should be deferred since the fair market value of the replacement property is greater than that of the relinquished property (i.e., you paid more for the replacement than you received for the relinquished).
Finally, you need to consider which approach you want to use for depreciation going forward.
‎January 31, 2022
9:05 AM