I need some guidance on how I can address these issues in TurboTax Premier- Desktop.
- 2024: We had a 1031 exchange and sold one rental home in VA that we bought 18.5 years ago. Incidentally, this property was also acquired via an exchange in 2005 where it was one of two properties that we bought with one property that we had relinquished that year.
- 2024: We replaced the relinquished property that we sold with two rental homes in FL.
- In the process of analyzing the cost basis of the relinquished property we sold in 2024 in order to transfer the exchanged basis to the new acquired rental home, I discovered that I made a mistake when I entered the exchange in 2005 as follows:
- 2005: I did not properly fill out form 8828 and under-reported a small boot. How do I fix this error inTT in 2024?
- 2005: I underreported the exchanged basis and also did not enter a new asset for the excess basis. Thus, I have under-depreciated the property for around $31K for the last 18.5 years. How do i fix this error in TT in 2024
- I also need to transfer the correct exchange basis into the two new properties we acquired in FL in 2024 so that I don't keep on under-depreciating the assets for the remaining useful lives.
- Additionally, I found that the second property that we also bought in VA in 2005 with the same exchange was also under-reported in basis. And I have under depreciated this second property for about $28K. We owned and rented this second property in 2024 but sold it in 2025. How do I fix this error in TT in 2024?
I need some guidance, please.
