see my very detailed answer about 1031 exchanges
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Then select CONTINUE to navigate to LIKE-KIND PROPERTY
RECEIVED and put in the full amount of the purchase price. CONTINUE.
Answer next few questions, and put in the “proportionate amount of
expenses” for this purchase (the proportionate costs to sell, plus the costs to
buy the new property). Answer the next few questions. In a few screens – at
YOUR LIKE-KIND EXCHANGE RESULTS: DEFFERED GAINS” TT will show your deferred
gains, and then CONTINUE ... @ NEW PROPERTY BASIS … TT shows the new property
Tax Basis; (note this amount includes the land value, so you will have to break
that out later when you return to that property detail area --back at the LET’S
GATHER BUSINESS INFO, then RENTAL PROPERTIES AND ROYALTIES” area) to input the
land value and new “Unadjusted Tax Basis for the Improvements”.
To do that navigate by choosing: UPDATE, answer YES to
review your rental and royalty info, answer questions, then at RENTAL AND
ROYALTY SUMMARY select the subject property to EDIT, then select
ASSETS/DEPRECIATION;… UPDATE; select
“Yes, I want to go to my asset summary”, CONTINUE; select EDIT at the property;
choose type (RENTAL RE PROPERTY), CONTINUE; choose RESIDENTIL RENTAL RE,
CONTINUE. Here is where you put in the new property Tax Basis (at COST), and
breakout the land portion just below.
Answer questions. If multiple
properties, then repeat for each.
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Then select CONTINUE to navigate to LIKE-KIND PROPERTY
RECEIVED and put in the full amount of the purchase price. CONTINUE.
Answer next few questions, and put in the “proportionate amount of
expenses” for this purchase (the proportionate costs to sell, plus the costs to
buy the new property). Answer the next few questions. In a few screens – at
YOUR LIKE-KIND EXCHANGE RESULTS: DEFFERED GAINS” TT will show your deferred
gains, and then CONTINUE ... @ NEW PROPERTY BASIS … TT shows the new property
Tax Basis; (note this amount includes the land value, so you will have to break
that out later when you return to that property detail area --back at the LET’S
GATHER BUSINESS INFO, then RENTAL PROPERTIES AND ROYALTIES” area) to input the
land value and new “Unadjusted Tax Basis for the Improvements”.
To do that navigate by choosing: UPDATE, answer YES to
review your rental and royalty info, answer questions, then at RENTAL AND
ROYALTY SUMMARY select the subject property to EDIT, then select
ASSETS/DEPRECIATION;… UPDATE; select
“Yes, I want to go to my asset summary”, CONTINUE; select EDIT at the property;
choose type (RENTAL RE PROPERTY), CONTINUE; choose RESIDENTIL RENTAL RE,
CONTINUE. Here is where you put in the new property Tax Basis (at COST), and
breakout the land portion just below.
Answer questions. If multiple
properties, then repeat for each.
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Then select CONTINUE to navigate to LIKE-KIND PROPERTY
RECEIVED and put in the full amount of the purchase price. CONTINUE.
Answer next few questions, and put in the “proportionate amount of
expenses” for this purchase (the proportionate costs to sell, plus the costs to
buy the new property). Answer the next few questions. In a few screens – at
YOUR LIKE-KIND EXCHANGE RESULTS: DEFFERED GAINS” TT will show your deferred
gains, and then CONTINUE ... @ NEW PROPERTY BASIS … TT shows the new property
Tax Basis; (note this amount includes the land value, so you will have to break
that out later when you return to that property detail area --back at the LET’S
GATHER BUSINESS INFO, then RENTAL PROPERTIES AND ROYALTIES” area) to input the
land value and new “Unadjusted Tax Basis for the Improvements”.
To do that navigate by choosing: UPDATE, answer YES to
review your rental and royalty info, answer questions, then at RENTAL AND
ROYALTY SUMMARY select the subject property to EDIT, then select
ASSETS/DEPRECIATION;… UPDATE; select
“Yes, I want to go to my asset summary”, CONTINUE; select EDIT at the property;
choose type (RENTAL RE PROPERTY), CONTINUE; choose RESIDENTIL RENTAL RE,
CONTINUE. Here is where you put in the new property Tax Basis (at COST), and
breakout the land portion just below.
Answer questions. If multiple
properties, then repeat for each.
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Then select CONTINUE to navigate to LIKE-KIND PROPERTY
RECEIVED and put in the full amount of the purchase price. CONTINUE.
Answer next few questions, and put in the “proportionate amount of
expenses” for this purchase (the proportionate costs to sell, plus the costs to
buy the new property). Answer the next few questions. In a few screens – at
YOUR LIKE-KIND EXCHANGE RESULTS: DEFFERED GAINS” TT will show your deferred
gains, and then CONTINUE ... @ NEW PROPERTY BASIS … TT shows the new property
Tax Basis; (note this amount includes the land value, so you will have to break
that out later when you return to that property detail area --back at the LET’S
GATHER BUSINESS INFO, then RENTAL PROPERTIES AND ROYALTIES” area) to input the
land value and new “Unadjusted Tax Basis for the Improvements”.
To do that navigate by choosing: UPDATE, answer YES to
review your rental and royalty info, answer questions, then at RENTAL AND
ROYALTY SUMMARY select the subject property to EDIT, then select
ASSETS/DEPRECIATION;… UPDATE; select
“Yes, I want to go to my asset summary”, CONTINUE; select EDIT at the property;
choose type (RENTAL RE PROPERTY), CONTINUE; choose RESIDENTIL RENTAL RE,
CONTINUE. Here is where you put in the new property Tax Basis (at COST), and
breakout the land portion just below.
Answer questions. If multiple
properties, then repeat for each.
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Click on the main BUSINESS tab, (to the right of personal
info), CONTINUE, then select I’LL CHOOSE WHAT I WORK ON. That leads you to a page called LET’S GATHER
YOUR BUSINESS INFO. Scroll down to LESS COMMON BUSINESS SITUATIONS and select
UPDATE for SALES OF BUSINESS PROPERTY.
On page ANY OTHER PROPERTY SALES? Check ANY ADDITIONAL LIKE-KIND
EXCHANGES (SECTON 1031), then CONTINUE.
That takes you to page LIKE-KIND EXCHANGES; make sure to CHECK the THE LIKE-KIND PROPERTY I EXCHANGED WAS
USED IN. Here you input the adjusted
basis for the property for are “giving up”; (note: the values are pro-rated
proportionally if more than one “replacement” property is involved. In my case I bout to identical duplexes, with
exact same costs and purchase amounts, so it was easy; I just input half the
total amounts in these boxes.).
Then select CONTINUE to navigate to LIKE-KIND PROPERTY
RECEIVED and put in the full amount of the purchase price. CONTINUE.
Answer next few questions, and put in the “proportionate amount of
expenses” for this purchase (the proportionate costs to sell, plus the costs to
buy the new property). Answer the next few questions. In a few screens – at
YOUR LIKE-KIND EXCHANGE RESULTS: DEFFERED GAINS” TT will show your deferred
gains, and then CONTINUE ... @ NEW PROPERTY BASIS … TT shows the new property
Tax Basis; (note this amount includes the land value, so you will have to break
that out later when you return to that property detail area --back at the LET’S
GATHER BUSINESS INFO, then RENTAL PROPERTIES AND ROYALTIES” area) to input the
land value and new “Unadjusted Tax Basis for the Improvements”.
To do that navigate by choosing: UPDATE, answer YES to
review your rental and royalty info, answer questions, then at RENTAL AND
ROYALTY SUMMARY select the subject property to EDIT, then select
ASSETS/DEPRECIATION;… UPDATE; select
“Yes, I want to go to my asset summary”, CONTINUE; select EDIT at the property;
choose type (RENTAL RE PROPERTY), CONTINUE; choose RESIDENTIL RENTAL RE,
CONTINUE. Here is where you put in the new property Tax Basis (at COST), and
breakout the land portion just below.
Answer questions. If multiple
properties, then repeat for each.
