turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill (OBBBA) on Jan 14! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

rental property under Section 1031 Exchange

Under Section 1031 Exchange, I sold Property A and purchased Property B for residential rental purpose.  I understand that I can continue depreciating the Property A given up. 

For the Rental Income Section,  I enter the details of Property B, its address,  purchasing cost as well as cost of land.  Assuming there are no rental income and expenses of Property A given up, do I have to enter it's address and other information somewhere else?

Thank you.

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
MaryK4
Employee Tax Expert

rental property under Section 1031 Exchange

Yes, in TurboTax, you first want to enter the Like0Kind Exchange under Other Business Situations= Sale of Business Property (see below).  You will enter the information and create the 8824, then TurboTax will move the information to your Schedule E with the correct depreciable basis.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question