We had a 1031 Exchange rental property which we donated/transferred to a charitable trust as a 1031 exchange. The property was then sold (we handled that) so the charitable trust actually received cash from the sale. It sold for less than the appraised market value. How do we report this transaction since the exchange was not to another property. Questions in TurboTax seem to be for property exchanges only.
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
Doesn't the trust file its own return? A 1041? The sale has to be reported but the question is who reports it. One thing's for sure and that's that you didn't do another exchange if you or the trust received cash.
I mean my question to ask how do I show in TurboTax that the 1031 exchange was given to a charitable trust (charity)? It seems to want to be an exchange to be to a new property as my only option. I need to close out the 1031 exchange; deal with that tax issue on depreciation taxes, etc. A sale did occur so it was cash that went to the charity just after the gift of property.
Still have questions?Make a post