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EvelyneSMitchell
Returning Member

How to fill out a 1031 Exchange in TurboTax Premier

I need help with filling out a 1031 exchange in TurboTax Premier!
I have completed my tax return except for the 1031 exchange; I actually got a refund at that point. Here is what I have for my 1031 exchange.
I have a rental property given up, HUD statements for buying and selling the property (A). I did make a profit with the sale of property A.
I have a rental property received, HUD statements for buying and selling the property (B). I had a significant loss with the sale of property B.
I filled out Schedule E for the property received (B) up to the day before the sale.
I desperately need help from a 1031 tax expert and knowledge with TurboTax Premier. Thank you in advance for your help.

1 Best answer

Accepted Solutions
tagteam
Level 15

How to fill out a 1031 Exchange in TurboTax Premier


@EvelyneSMitchell wrote:

I have a rental property given up, HUD statements for buying and selling the property (A). I did make a profit with the sale of property A.
I have a rental property received, HUD statements for buying and selling the property (B). I had a significant loss with the sale of property B.


These two statements are difficult to reconcile. If you did not use an exchange facilitator but, instead, merely sold one rental property and then purchased another in a situation where you were in actual or constructive receipt of the funds from property A, then there is no valid 1031 exchange; you have two separate transactions that do not qualify for deferred gain treatment.

 

Also, the online version (which appears in your profie) is not optimum; to report a 1031 exchange most users need Forms Mode which is only available in the desktop (installed) versions of TurboTax.

View solution in original post

4 Replies
tagteam
Level 15

How to fill out a 1031 Exchange in TurboTax Premier

There are several long threads on this very subject; a link to one of them appears below.

 

https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange-for-rental-property-end-to-end-q...

 

 

tagteam
Level 15

How to fill out a 1031 Exchange in TurboTax Premier


@EvelyneSMitchell wrote:

I have a rental property given up, HUD statements for buying and selling the property (A). I did make a profit with the sale of property A.
I have a rental property received, HUD statements for buying and selling the property (B). I had a significant loss with the sale of property B.


These two statements are difficult to reconcile. If you did not use an exchange facilitator but, instead, merely sold one rental property and then purchased another in a situation where you were in actual or constructive receipt of the funds from property A, then there is no valid 1031 exchange; you have two separate transactions that do not qualify for deferred gain treatment.

 

Also, the online version (which appears in your profie) is not optimum; to report a 1031 exchange most users need Forms Mode which is only available in the desktop (installed) versions of TurboTax.

View solution in original post

EvelyneSMitchell
Returning Member

How to fill out a 1031 Exchange in TurboTax Premier

I did use a "1031 Exchange.com"; however, the principals are in jail on corruption charges. I traced the attorney who corresponded with us and found his telephone number; however, after multiple calls, I never received a response.

I do use TurboTax Premier on my desk top and have tried to fill in form 8824, but some questions were very vague and after looking on the filled out form I just double my taxes! I also tried to delete the previously filled out forms 4797 (page 1 & 2) to no avail.

The form 8824 seems to take care of the given-up property; however, the loss of the property received is never addressed. At least that I can see.

tagteam
Level 15

How to fill out a 1031 Exchange in TurboTax Premier


@EvelyneSMitchell wrote:

I did use a "1031 Exchange.com"; however, the principals are in jail on corruption charges. I traced the attorney who corresponded with us and found his telephone number; however, after multiple calls, I never received a response.


OK, that is not good - obviously. At this point, you might want to consult, in person, with a tax and/or legal professional - otherwise you are flying blind with respect to whether or not the exchange was in compliance with the Code and Regulations.

 

You might want to try contacting Support (link below) since they have been successful in walking other users through the data entry process.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

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