turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
pk
Level 15
Level 15

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

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies