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pmbon
Level 1

Like Kind exchange 50% owner of property

I sold an investment property that I was 50% owner of and used a 1031 exchange.  We then purchased another property together.  How do I answer the questions on the like-kind exchange?  Do I only enter 50% of the sale info and the purchase info of the new property?

2 Replies
tagteam
Level 15

Like Kind exchange 50% owner of property

Hopefully, the closing agent (1031 Qualified Intermediary) provided the appropriate tax (and other) documentation for the transaction.

 

Regardless, you will use 50% for reporting purposes provided, of course, that you each held title in your individual names (i.e., this needs to be reported at the entity level if you have a partnership, LLC, et al).

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ReginaM
Expert Alumni

Like Kind exchange 50% owner of property

Yes, you would only report your share (50%) of the sale and the purchase of the new property in TurboTax.    If you have additional questions in regards to your 1031 exchange, here is a link to IRS's Form 8824 Instructions.

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