1031 exchane

Forum|Forum|6 years ago
March 5, 2020
1 reply
11 views

I am going step by step but am unsure where to put in information involving a 1031 exchange done in 2005 and sold in 2019 but in 2010 was converted to personal property. I started in sale of business property but it didn't address converting and getting the $250,000 deduction for primary residence.

Anonymous_

Level 15

Was this your principal residence? If so, enter the transaction in the Sale of Home section.

Ultimately, you will come across a screen where you will input any depreciation deductions allowed or allowable.

Kerryliz8Author

Level 2

Thanks for response. I bought in 2005 and rented for 5 years then moved in but had roommate income so continued to partially depreciate it. Then sold in 2019. I also have to claim ?appreciation from the time it was a rental beginning December 31, 2008 till mid 2010 when I moved in. (I think called unallowed use). So do I not fill out anything for sale of business property?

Any information helps. Its convoluted but I would like to do it myself and it seems TurboTax premier addresses the 1031 issue.

Anonymous_

Level 15

Where does the "1031 issue" enter into the picture? You mentioned that you bought the property in 2005.

Regardless, you simply need to enter the total depreciation you deducted over the years and there is a screen that allows that figure to be input in the interview for Sale of Home.