turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

huntertech
Returning Member

Phantom 'Residential' entry on PA schedule D (schedule of gains/loss) for like kind exchange (1031)

How would we do this in the downloaded MacOS version?

in 2024, we executed a 1031 exchange of one rental property (in PA) for another (in FL) and properly completed the Federal 8824 showing the property given up and the new property acquired, along with the required dates and values.  TT accurately determined that no tax was due.

 

Unfortunately TurboTax did not appear to fill out the PA 40-D properly.  The property given up appears with the correct dates for original purchase and sale date.  But also shows a "created" property simply labeled "Residential" with a bogus acquired date, the same sold date as the actual sold date of the given up property, no Price and a seemingly made up Cost .

 

PA Schedule DPA Schedule D

 

I can not manually update/remove this "Residential" entry as it pulls the data from Federal return - there is nothing on the federal return with "Residential" asa property description and no property was purchased on the 11/19/2014 date and no idea where it gets a basis of 125,562.

 

how can I correct this and what should the PA Schedule D reflect for a link-kind (1031) exchange?

 

this is TT Premier 2024 MacOS downloaded app

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
huntertech
Returning Member

Phantom 'Residential' entry on PA schedule D (schedule of gains/loss) for like kind exchange (1031)

I should add the that "Circle" entry is the property that was given up as part of the exchange

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question