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yofu
Level 1

1031 rental property exchange

I had exchanged 2 to 1 exchange in 2021.  Filed 2 rentals given up and 1 rental gain using TT.  I filed an extension and working on the 2022 return and found that the one of the property I gave up and reported as 1031 last year is still showing on my schedule E as an active rental.  Please advise how to correct.

8 Replies
pk
Level 14
Level 14

1031 rental property exchange

@yofu , are you saying that your 2021 filed / accepted return, prepared using TurboTax,  did not transfer  the full extent of the 1031 exchange  ( 2 disposed/given up   and  1 new  replacement ) ?   Or are you saying that the 2021 return is still in extension  ( should not be generally  )?   I am confused.

 

Are you using  windows downloaded / CD and if so which version -- Home& Business  or ? 

 

I will circle back once I hear from you 

 

 

yofu
Level 1

1031 rental property exchange

I filed 2021 return/was accepted, prepared using TurboTax,  did not transfer  the full extent of the 1031 exchange  ( 2 disposed/given up   and  1 new  replacement ) .  It transferred 1 given up and 1 new replacement, but not the other given up.  It is still in Schedule E in the 2022 return I'm working on currently.  

 

I'm using Windows platform, TT premier 2022 as well as 2021.

 

 

1031 rental property exchange

The TT program will not complete the 2 for 1    1031 exchange automatically ... you had to complete the exchange using the FORMS mode in the downloaded 2021 program.   You would have had a partial year of both rentals until the exchange happened and then the one rental after the exchange.  As for the transfer to the 2022 program ... some information will need to be adjusted again since the TT program will not do so automatically.  There are just some limitations to a DIY program and this is one of them.  I highly recommend you seek professional assistance if you don't understand what needs to be done in the FORMS mode of the downloaded program.  

yofu
Level 1

1031 rental property exchange

Well, then I need help to work this out.  Please advise how I can get this support.

yofu
Level 1

1031 rental property exchange

Did not receive a response on my communication above.  As recommended, I'm seeking a  professional assistance.  Please advise how to get it in TT.

1031 rental property exchange

TT is a DIY income tax program designed to let the taxpayer file their own income return.  It cannot give you tax advice or income tax planning advice  even if you use a TT pro to review or prepare a return.   You should look up your own answers (google is your friend)  or employ local tax professionals to be educated and get the  answers you seek.   This forum cannot give you income tax  or  tax planning advice  and no one here can be held responsible for giving incorrect information.  

yofu
Level 1

1031 rental property exchange

This is not a tax/planning issue.  It is the 2021 tax filed that did not transfer into the 2022 tax correctly.  Need someone to guide me through the TT program to make this correction. 

1031 rental property exchange

Sorry ...  there was another post that I was thinking about.  

 

On the 2021 return you should have made the correct entries for the exchange and then the correct info should have transferred automatically.   So  your issue goes back to the 2021 return and since you needed to use the downloaded program to make the needed entries in the FORMS mode which is no covered by the accuracy guarantee  and  there is no help from TT experts available.   You can try to call however I highly doubt anyone can help ... 

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

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