We sold 2 rental properties and combined the proceeds into one new rental property. The new property costs more than the two that sold combined. Mortgage equal. So all that is covered.
Now to fill out the 8824.
Do I fill out 1 for each sold property? Or just do one and list each property relinquished, and then the property acquired? TT is not clear on this, and neither is the IRS. sigh.
Thanks all
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Prepare only one Form 8824; you can attach a statement explaining the transaction if that is necessary.
Frankly, multi-asset exchanges are complicated and not fully supported by TurboTax. You also have a couple of options concerning future depreciation.
As a result, you might want to consult with a local tax professional.
Thanks. TT is a little clunky when doing a 1031. I totally understand the math in the depreciation etc. Just wasn't sure if I should use 1 form or 2. It works fine when 1 to 1 though.
two 1031 properties were relinguished to exchange for one property. How to report this using TT.
One form, but you should attach a statement showing the process.
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