topic 1031 exchane in Get your taxes done using TurboTax

1031 exchane

Kerryliz8 — Thu, 05 Mar 2020 18:17:57 GMT

I am going step by step but am unsure where to put in information involving a 1031 exchange done in 2005 and sold in 2019 but in 2010 was converted to personal property. I started in sale of business property but it didn't address converting and getting the $250,000 deduction for primary residence.

Re: 1031 exchane

Anonymous_ — Thu, 05 Mar 2020 19:31:28 GMT

Was this your principal residence? If so, enter the transaction in the Sale of Home section.

Ultimately, you will come across a screen where you will input any depreciation deductions allowed or allowable.

Re: 1031 exchange

Kerryliz8 — Thu, 05 Mar 2020 19:56:39 GMT

Thanks for response. I bought in 2005 and rented for 5 years then moved in but had roommate income so continued to partially depreciate it. Then sold in 2019. I also have to claim ?appreciation from the time it was a rental beginning December 31, 2008 till mid 2010 when I moved in. (I think called unallowed use). So do I not fill out anything for sale of business property?

Any information helps. Its convoluted but I would like to do it myself and it seems TurboTax premier addresses the 1031 issue.

Re: 1031 exchange

Anonymous_ — Thu, 05 Mar 2020 20:25:55 GMT

Where does the "1031 issue" enter into the picture? You mentioned that you bought the property in 2005.

Regardless, you simply need to enter the total depreciation you deducted over the years and there is a screen that allows that figure to be input in the interview for Sale of Home.

Re: 1031 exchange

Kerryliz8 — Thu, 05 Mar 2020 22:00:26 GMT

I'm not explaining well. In 2005 I sold house A and in order to defer the capital gain, I bought house be within a couple months as a 1031. So 2019 and I have sold it so I need to calculate the previous gain from A and add to gain of B. Somehow showing the 1031 on form 8824. On a piece of paper I could figure it out but to get it into the forms is harder. House sale B in 2019 minus sale expenses minus adjusted basis (purchase price B plus closing costs minus depreciation minus deferred gain from house A) Then offset by 250,000 for owner occupied 2/5 years.

Re: 1031 exchange

Anonymous_ — Thu, 05 Mar 2020 22:12:16 GMT

@Kerryliz8 wrote:

I'm not explaining well. In 2005 I sold house A and in order to defer the capital gain, I bought house be within a couple months as a 1031.

You cannot do that by yourself. Did you use a qualified intermediary (exchange facilitator)?

If you were in receipt of any proceeds, even constructive receipt, then the 1031 exchange failed.