1031 Exchange glitch in Turbo Tax

[miamipoker]

Any answer on this yet?

[JotikaT2]

I recommend updating your software and trying again.  This can be done by logging into your desktop product.  Select Online in the menu on the top, and then select Check for Updates.

If that does not update your program, you can also manually update your program.

When entering the like kind exchange information, on the screen that is titled "Different property received," leave the input sections blank and select Continue.  If you meet the requirements to not report anything here, you will able to continue without entering any information here and will proceed to the screen titled "Exchange expenses."  You would then proceed and be able to see any taxable gain, if any.

However, if your input so far indicates you have additional information to enter as far as different property received, you will not be able to proceed without entering information on the different property received screen and may need to go back to review your entries on the initial 1031 input screens.  The error message will tell you exactly what the issue is.  

Be sure to check not only the fair market value input but also the loans assumed with the property you received as these will also affect your overall calculation.

@miamipoker