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?

[DanielV01]

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?

[Kaasiku]

did the exchange in 2005, sold the property in 2018

[Kaasiku]

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

[DanielV01 · Accepted solution]

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).

[Kaasiku]

Helpful - thanks.

[DanielV01]

You're welcome