For the 1031 exchange of the rental house, when I was working on the rental income section in Turbo tax, there are a few questions confuse me:
1. For the delinquent property (A):
In the property profile section, there is a page asking whether the house was new, sold, rented partially, or converted.
The hyperlink next to "sold" option has a few notes, one of them is " do not check the box if the property was part of a "like-kind exchange".
So I should not check this box, right?
Then, where should I indicate I stop using/owning this property A as a rental property?
2. After updating the property profile for A, the depreciation amount is still the full year amount. Should the depreciation be prorated for the period I owned and used it for rental purpose?
3. For the newly acquired property (B): I added a new rental property, when Turbo Tax asks "was this property rented for all of 2017. There is also a note:"if you only owned the property part of the year, then let us know if it was rented the entire time you owned it".
I am confused whether I should choose Yes, this property was rented all year or No?
How can I let TurboTax know I rented out the house the entire time I owned it? These is no proper option in this question I can choose from.
If I choose yes, it is not true.
If I choose No. The additional questions come out: "during the period in 2017, this property was a rental, tell us how many days the property was rented at a fair rental price and used for personal reasons. Do not include days when the property was vacant.
The purchase of the B house closed in late November. The purpose of this property is rental, but we did not find a tenant until beginning of 2018. Should I put 0 days rented as a fair rental price and 0 days for personal use?
