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abhimani
Returning Member

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

 
5 Replies
Critter-3
Level 15

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

If the company issuing the K-1 did a 1031 exchange then it is handled on the company return not on your personal return.  Why are you asking ? 

pk
Level 13
Level 13

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

@abhimani  adding to the questions raised by @Critter-3 , are you suggesting the following scenario ( and please explain more on this , either way )-- that you ( singly or jointly/partnership ) owned  asset ( such as residential rental property ), then created an entity ( LLC or similar ) under local state law and then did a 1031 like kind exchange ?   The K-1 covers your yearly gross situation ( income, expenses, etc. etc. ) and now you need to recognize this for US tax purposes?    1031 implies the property is in the USA --yes ?  We need details of the entity as it relates to you , your own tax status  etc.   Please 

 

Namaste ji

 

pk

@Critter-3 

abhimani
Returning Member

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

Thanks for the clarification question.  Let me give some more details.

 

1. In 2020 I invested in a rental partnership 'A'  through an investment firm (for which i have  k1s) for both 2020 and 2021 

2. in 2021 the investment firm did a 1031 rollover of the partnership 'A' to a new partnership 'B'

3.  I have also received the k1 for 'B' for 2021

4. In turbo tax I have entered both the K1 (A and B for 2021).

 

But now I am not sure how I enter the rollover details and also how to do I enter that partnership 'a' does not exist.  Also I am not sure where and how I find out the basis for A that B that got transferred as the only document that I have is the K1s

 

thanks in advance for all your help

Critter-3
Level 15

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

OK ...

 

So you enter the K-1 from the A company and indicate it was a final K-1but it was not a sale.  You may want to upgrade to one of the LIVE options to get one on one assistance with this unusual situation. 

abhimani
Returning Member

I have k1 for my real estate investment. But there was a 1031 rollover. I am not sure how to enter the details in turbotax

Thanks

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