You'll need to sign in or create an account to connect with an expert.
If you completed a proper 1031 exchange of one property for 2 properties then you will need to use the TT Downloaded/CD version and make overriding entries in the FORMS mode. You must know exactly what forms you need to use and which figures to enter and where. The overrides will keep you from efiling and will void the accuracy guarantee. With this in mind I highly recommend you either upgrade to one of the LIVE options where the professionals do the return for you OR seek local professional help for this tax year.
Selling one property and replacing it with another(s) does not necessarily qualify as a a tax free exchange. A section 1031 exchange is a formal procedure to do a tax free replacement. If that procedure was not followed, you do not qualify for a tax free exchange.
References:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
annava17
New Member
nomad
Returning Member
y_and_y
New Member
jyee315
Returning Member
rhalexda
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.