631982

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

posted

Connect with an expert

1 Best answer

Accepted Solutions

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

No, the only way is to purchase a like kind property through an intermediary ahead of time, which has not happened, and cannot be done after the fact.

A remodel to an existing property would not qualify anyway.

View solution in original post

1 Reply

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

No, the only way is to purchase a like kind property through an intermediary ahead of time, which has not happened, and cannot be done after the fact.

A remodel to an existing property would not qualify anyway.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

Do you have an Intuit account?

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

I had gain on rental property in 2016 and used money to improve another property to be used as rental property. Is it possible to defer that gain to the new property?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert