I sold an investment property in Dec 2017. Proceeds from the sale are being held in 1031 exchange and will be used to buy another investment property in March 2018. Since this is a 1031 exchange no taxes are due but how I report this on my taxes?
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You would report this in 2018 when the exchange is complete.
You would report this in 2018 when the exchange is complete.
I also did a 1031 Exchange in 2018. I'm just finishing up my tax since I filed an extension. I was going through my Schedule E and even though I checked that I disposed of the property during 2018, I still did not get any more question coming. I wonder why? In fact, I already finished the Sch E for the sold property, and I am not getting any question about the transaction. How can I get that going? I went through an exercise to fill in a Form 8824, so I am ready to determine the basis of the new property, but so far I am not getting an opportunity to enter the transaction info in Turbo Tax. Can someone help?
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