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I sold one property and 1031 exchanged the money for TWO properties. I have been able to enter the info for 1 property but not the other. How can I enter for both?
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I sold one property and 1031 exchanged the money for TWO properties. I have been able to enter the info for 1 property but not the other. How can I enter for both?
For the exchange you would add the two properties together and show it as one property.
Look at this as a whole transaction of a single 1031 exchange ( for
TurboTax and the acquisition of new property purposes) as if you relinquished "single" property/ asset (which itself may have the
character of single/multiple residential units) and acquired a
"single" property/asset (which again may have the character of
single/multiple residential units). But thereafter , you would still
have to deal with the schedule E- implementation of allocating basis
(both gain/loss and depreciable) and any carried
forward passive losses to the new properties.
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