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Level 1
posted Nov 7, 2023 7:26:29 PM

1031 Exchange - one relinquished property for two replacement properties

Hello,

I recently completed a 1031 Exchange where I relinquished one rental property and then bought two replacement properties. Can I place the two replacement properties on one form 8824 in Turbo Tax when I do my 2023 taxes? And what Turbo Tax product is recommended for this?

Thank you.

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3 Replies
Level 15
Nov 8, 2023 6:23:58 AM

TurboTax can handle your scenario, but you should plan on using a desktop (installed on a computer) version as you will most likely need to use Forms Mode.

 

Any desktop version can be used since all versions contain all of the tax forms and schedules.. 

Level 1
Nov 8, 2023 7:06:30 AM

Thank you for the reply.

If I use the Desktop product, will I still be able to e-file or would I need to print and mail the return?

Level 15
Nov 8, 2023 7:17:55 AM

You won't be able to e-file if you have to attach the required statement to your return.

 

See https://www.irs.gov/instructions/i8824#en_US_2022_publink12597kd0e204