We sold a single family rental property in mid July 2021 that we purchased in 2015. . We attempted to do a 1031 exchange but weren't able to identify a property until the 11th hour of the 45 day window and in the end the deal did not close due to issues identified during inspection. Our funds were held by the QI until January of 2022. I am trying to use TT Premier to handle the capital gains as an installment to defer that tax til 2022. But it is my understanding that i need to pay the depreciation recapture for the sale on my 2021 taxes. Turbo tax either wants to include both the gain and the depreciation or neither., I have tried to work through this in multiple ways including completing both the Installment Sale and Like Kind Exchange options. Can anyone tell me if it's possible to do this with the online version of TT?
If i move to the desktop version will i have to re-enter all my data on the rental property that has been in Turbotax since 2015? Does the desktop version use an interview like process or is it the tedium of going through every line on every form required by the IRS (8824, 4794, 6252, Schedule E etc. ) Would i be better off getting the online version of TT that includes live support? Or having TT do all the work including filing. After 2 days of struggling trying to figure out how to make this worI am frustrated and exhausted and I just want to get my taxes filed and paid on time. Thanks for any guidance/insights.
