How do I enter a like-kind 1031 Exchange where the sold property was December 2020, but replacement property was January 2021? TT Business says date-in-service invalid.

TT Business kick the error out when doing the Federal check for form 8825. The error says date-in-service is beyond current tax year (2020).

370

Level 15

Feb 25, 2021 10:35:52 AM

There is not much you can do with the product when a 1031 exchange spans two tax years beyond overriding the dates; the transaction does need to be reported on your 2020 return.

Overrides generally require printing and mailing the return, of course.

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How do I enter a like-kind 1031 Exchange where the sold property was December 2020, but replacement property was January 2021? TT Business says date-in-service invalid.