turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

erin_deb
New Member

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?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

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.



message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies