topic Hello, In 2017, we should a home and purchased a new one all within the same year. However I did not file a 1031 exchange form. What should I do to correct my returns? in Get your taxes done using TurboTax

Hello, In 2017, we should a home and purchased a new one all within the same year. However I did not file a 1031 exchange form. What should I do to correct my returns?

cheathl1 — Wed, 16 Dec 2020 02:53:11 GMT

Re: Hello, In 2017, we should a home and purchased a new one all within the same year. However I did not file a 1031 exchange form. What should I do to correct my returns?

rjs — Wed, 16 Dec 2020 04:06:29 GMT

If you are talking about your personal home, you should not do anything. There is nothing to correct. You cannot do a Section 1031 exchange of your personal home, not even in 2017. Section 1031 applies only to business property or investment property.

Re: Hello, In 2017, we should a home and purchased a new one all within the same year. However I did not file a 1031 exchange form. What should I do to correct my returns?

Anonymous_ — Wed, 16 Dec 2020 04:11:29 GMT

You would have to amend and file Form 8824, but your transaction almost certainly does not qualify.

First, the exchange is required to be either business or investment property; property held strictly for personal use (such as a main or second home) does not qualify.

Further, time constraints apply with respect to identifying the property and closing the transaction. In that regard, you can neither be in receipt of title to the replacement (new) property or funds from the sale of your property; you generally need to use an intermediary.

See https://www.irs.gov/instructions/i8824#idm139831911464752