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How do I report the sale which was acquired thru a 1031 exchange? It was a rental property thru 2018, in 2019 we did repairs and sold but never rented.

 
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ThomasM125
Expert Alumni

How do I report the sale which was acquired thru a 1031 exchange? It was a rental property thru 2018, in 2019 we did repairs and sold but never rented.

You will need to go the the rental section of TurboTax, where you have the property set up from last year, and indicate the the property was sold. You will do this in the "Property Profile" section. You will see a screen that says "Do any of these situations apply to the property" and one of the selections will be "I sold or disposed of this property in 2019."

 

Then, when you come to the page that says "Review your Property Rental Summary" you will see an option for "Sale of Property/Depreciation". Work through that section and you will be asked about the sales price, cost and depreciation on the property.

 

The cost will be the value assigned to the property when you completed the exchange.

 

 

 

 

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