topic Re: Like Kind Exchange in Get your taxes done using TurboTax

Like Kind Exchange

ElenaPar — Sun, 21 Jun 2020 17:12:46 GMT

I have been reporting like kind exchange on properties since 2017. In 2019 I sold my last property and did not purchase another one. How do I report this?

Re: Like Kind Exchange

Anonymous — Sun, 21 Jun 2020 17:29:19 GMT

as a sale of the property as if there was no like-kind exchange. thus cost would be the cost of the latest property reduced by the gains deferred from past 1031's TT should have this info if 1031's were handled correctly for the prior returns where a 1031 occurred.

To properly report this as Sale of Business property and if you are in Turbo Tax Online, you will need to report this as sale of business property.

Go to federal>wages and income>see all income>other business situations>Sale of Business Property>start
Next screen you will say none of the above You will see an entry there for like-kind exchanges but you will not select that because this current transaction is not a like kind-exchange. Then it will ask you questions about this transactions. Just follow the prompts

Re: Like Kind Exchange

ElenaPar — Sun, 21 Jun 2020 19:03:41 GMT

Thank you so much for response! So when I select NONE OF THE ABOVE, it simply takes me back to the overall Business reporting page.

Re: Like Kind Exchange

Anonymous_ — Sun, 21 Jun 2020 19:10:54 GMT

@ElenaPar You need to select the first choice, "Sales of business or rental property that you haven't already reported" ("None of the above" will take you back to the original screen, as you have discovered).

Note that if your property appears in the Rental Properties section, then you should enter the transaction in that section.

Re: Like Kind Exchange

ElenaPar — Sun, 21 Jun 2020 20:15:38 GMT

Thank you! I thought that fits best, but was not sure since the property was an investment but was never a rental.