topic Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide? in Deductions & credits

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

jenny6 — Sat, 17 Aug 2019 10:47:54 GMT

Re: Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

Anonymous_ — Sat, 17 Aug 2019 16:32:02 GMT

Frankly, I believe you need professional tax guidance at this point.

The exchange should have been reported in the tax year in which the relinquished property was transferred on Form 8824.

Re: Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

Carl — Sat, 17 Aug 2019 23:39:13 GMT

EDITED RESPONSE: I just read in the code at https://en.wikipedia.org/wiki/Internal_Revenue_Code_section_1031#Time_limits that the time limit from start to finish for a 1031 is 180 days. I can't find it in the actual IRS code itself.

If this is rental property you are entering, you enter each property one at a time. You will not enter the 2nd property until you have completed *EVERYTHING* for the first property. You'll know when you finished with the first property when you get to a screen with an "Add Another Rental or Royalty" button on it.

Re: Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

Anonymous_ — Sun, 18 Aug 2019 01:17:35 GMT

@Carl wrote:

...I can't find it in the actual IRS code itself.

Here --> https://www.law.cornell.edu/uscode/text/26/1031

Re: Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

jenny6 — Sun, 18 Aug 2019 14:48:55 GMT

If you're interested, all the info I used is from IRS publication 544, pgs 13, 15, 17. All the time limits were satisfied: sale closed Nov. 22, 2017 and both replacement properties closed before January 20, 2018, and funds were held in escrow by a "Qualified Intermediary". Thanks for your help on entering multiple properties--I'll give that a try.