Sold property in 2017 and bought 2 in 2018 (1031 e...
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New Member

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

 
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Level 15

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

Frankly, I believe you need professional tax guidance at this point.

 

The exchange should have been reported in the tax year in which the relinquished property was transferred on Form 8824. 

Level 15

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

EDITED RESPONSE: I just read in the code at https://en.wikipedia.org/wiki/Internal_Revenue_Code_section_1031#Time_limits that the time limit from start to finish for a 1031 is 180 days. I can't find it in the actual IRS code itself.

If this is rental property you are entering, you enter each property one at a time. You will not enter the 2nd property until you have completed *EVERYTHING* for the first property. You'll know when you finished with the first property when you get to a screen with an "Add Another Rental or Royalty" button on it.

 

 

Level 15

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?


@Carl wrote:

...I can't find it in the actual IRS code itself.


Here --> https://www.law.cornell.edu/uscode/text/26/1031

New Member

Sold property in 2017 and bought 2 in 2018 (1031 ex) Showed proceeds as "other asset" in 2017 return, but Turbotax will allow me to add just 1 in 2018. How to overide?

If you're interested, all the info I used is from IRS publication 544, pgs 13, 15, 17.  All the time limits were satisfied: sale closed Nov. 22, 2017 and both replacement properties closed before January 20, 2018, and funds were held in escrow by a "Qualified Intermediary".  Thanks for your help on entering multiple properties--I'll give that a try.

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