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kocji01
New Member

sold a house bought with 1031 how to file tax?

I bought a house 2 years ago and sold after 2y+1m.  This home was bought with 1031 exchange.  Now I need to file tax return for this house.  

Which form do I use to capture the activities of sells and 1031 sales profit depreciation from previously old home sold for 1031 exchange?

 

How do I link to the original 1031 form 8824?

 

Thank you very much

Kocji01

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1 Reply
KrisD15
Employee Tax Expert

sold a house bought with 1031 how to file tax?

You will use Form 8824 to report the sale using the basis calculated on Form 8824 for the property.

The basis for the property sold should reflect the deferred gain. 

 

Unless this was a rental, you enter the sale under 

Investment Income

“Stocks, Cryptocurrency, Mutual Funds, Bonds, Other”

Select "Other" (land, second homes)

 

If this has been a rental, be sure to report the Depreciation Recapture as well as the full Capital Gain. 

Enter the income and expenses of the rental for 2023 first, then indicate that it was sold in 2023. 

Again, be sure the basis reflects the adjustment for the deferred gain which should be reported on Form 8824. 

 

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