1031 Exchange 3 properties to 6 properties

I sold 3 properties from 11/24 to 12/10/21, combined the proceeds into one exchange account at a QI, bought 6 replacement properties from 12/14/21 to 1/6/22. I have TurboTax Premier desktop. Could you please tell me how best to report these transactions? Also, the prorated rents and security deposits I refunded to buyer, are these selling expenses or do i subtract them from the rents I report on schedule E? Thank you.

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1 Best answer

Level 15

Apr 1, 2022 6:32:23 AM

Subtract the rents and deposits from Schedule E if you reported them as income previously (otherwise deduct them as selling expenses).

Level 15

Apr 1, 2022 6:32:23 AM

Subtract the rents and deposits from Schedule E if you reported them as income previously (otherwise deduct them as selling expenses).

Level 15

Apr 1, 2022 7:43:27 AM

Also, see https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange-for-rental-property-end-to-end-question/01/1279716#M462876

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1031 Exchange 3 properties to 6 properties