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New Member
posted Jun 3, 2019 1:27:45 PM

Does a 1031 exchange property (vacant land) that was sold in 2018 get reported using the same Turbotax steps as the sale of vacant land acquired in a cash sale?

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1 Best answer
Expert Alumni
Jun 3, 2019 1:27:50 PM

Use the steps for vacant land.  Even though you were allowed to report this as a like-kind exchange, land is not a depreciable asset and therefore is not reported on Form 4797, but rather on Form 8949 and Schedule D.  (Capital Gain investment transactioon).

6 Replies
Expert Alumni
Jun 3, 2019 1:27:47 PM

Are you currently using Section 1031 like-kind (purchased more land in 2018), or was the like-kind election made previously, and now you sold the property?

New Member
Jun 3, 2019 1:27:48 PM

did the exchange in 2005, sold the property in 2018

New Member
Jun 3, 2019 1:27:49 PM

A better question would be, how do I enter the information in Form 4797, line 5, using Turbotax?

Expert Alumni
Jun 3, 2019 1:27:50 PM

Use the steps for vacant land.  Even though you were allowed to report this as a like-kind exchange, land is not a depreciable asset and therefore is not reported on Form 4797, but rather on Form 8949 and Schedule D.  (Capital Gain investment transactioon).

New Member
Jun 3, 2019 1:27:52 PM

Helpful - thanks.

Expert Alumni
Jun 3, 2019 1:27:53 PM

You're welcome