Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
dorrsbcc
New Member

After entering like kind data, do I go back to the rental (relinquished) property and check the box as sold this year?

Income and expenses have been entered for the rental properties both before and after a 1031 exchange. Do I need to go back now and answer the box that says "did you sell this property this year" or something like that. So far, I've left it blank.

1 Reply
pk
Level 12
Level 12

After entering like kind data, do I go back to the rental (relinquished) property and check the box as sold this year?

You did not sell the relinquished property -- you exchanged it. As part of the details you fill out for the 1031 exchange, you include the adjusted basis, accumulated depreciation, etc.   I am hoping you used a Qualified Intermediary ( QI ) because the QI final report would include all of these details.

If you exchanged by yourself -- a simultaneous event, you perhaps should consider using a professional tax person ( familiar with 1031 like kind exchange) -- could be big headache  else.

I have multiple 1031s with QI

Dynamic AdsDynamic Ads
Privacy Settings
v