1031 exchange 4 unit rental

[2021helpmeplease]

sold 4 unit apt bldg 9/11/2020.

owned for 21 yrs and 5 months.

windfall $516,165K

purchased 3 like kind properties.

1) purchased one DST, 55over complex for income only. $160K on 10/9/2020

i receive some  documents. no 1099 and 1098. 

there are figures include income, depreciation, and amortization. and copies of the DST's schedule E and Form 4562

2)purchased one DST, it includes 4 different apartment complexes, for income only. $150k on 10/27/2020

 i received 4 separate 1099's and 1098's

3)purchased condo for year round rental. $183,543(includes costs) on 11/17/2020

physical real estate for hopes of one day to convert to personal use. i think at least 2 years.

began $73K in renovations in 2020.  completed February 2021. (90 days)

4) received boot for $21,132 mid march 2021. costs associated with 1031 were $1490.

problems...

TT leads me to only complete one item for exchange after sale of 4 unit apartment bldg. i need 3, correct?

expenses from physical real estate are incurred in 2020 and 2021. will i need to deduct a portion in 2020 and the balance in 2021?

where does the income, received in 2021, for the boot get entered? do i include for 2020 or 2021?

thank you in advance. i've been using turbo tax for almost 25 years and i am stumped!

[tagteam]

You should absolutely seek professional tax guidance for this scenario.

See https://taxexperts.naea.org/

[2021helpmeplease]

i could, i have and i will again, but not this month.

i need to know how to handle, using turbo tax, getting around the one option to add 3 "like kind"exchanges.

as i stated, i have a 3 replacement properties. 

[Critter-3]

STOP trying and put yourself on extension then seek professional assistance to complete this very complicated return that the DIY program will not handle correctly.  

[2021helpmeplease]

wow, great advice. apply for an extension. i already have.

i do seek professional assistance, but that does not mean i need to pay someone to complete my taxes.

i do pay a company to complete my other business' taxes.

this DIY program has handled every year since 1996 for me.

this is just a matter of working the TT program to achieve more than one result.

so you are telling me that this program can not handle this little intricacy???

great forum!

[Critter-3]

Ok ... well the issues you have to deal with are the limitations of the DIY program ... to get the real help you need to upgrade to the LIVE version for one on one help however it must be the option where they do the return for you (and I am sure they will not get to this before the deadline) because the online program will not work for what you need.

If you still want to DIY then you will need one of the Downloaded versions where personal assistance is not available so you are on your own.  And you will need to compute all the entries and make them in the FORMS mode using the direct forms entry option which will void the accuracy guarantee and stop you from efiling.

So you may not like my thoughts but trying to do this yourself is probably not a wise or easy option for this situation.  

[2021helpmeplease]

now that's an answer.

and it is a much better answer.

very detailed and intuitive.

the key issue here being, "the limitations of the program."

one year, i have had as many as 4 rental buildings, sold houses, personal residence, and a business on a 100 plus page PDF.

so naturally, i would not think there would limitations with just a simple sale of one, my last one, rental asset and 1031 exchange for 3 new assets. 

i guess then, intuit, will know longer have an annual user.

[tagteam]

There are limitations in every consumer-level income tax preparation software product.

With respect to TurboTax see the information at the link below.

https://digitalasset.intuit.com/DOCUMENT/A6QrdFCgW/010421-2020-unsupported-calcs-L1FQfTTgn.pdf