☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jan 26, 2019 10:48:53 PM

1031 exchange converted to primary residence

Hello,

I have home & business edition. I converted my 1031 rental property to my primary residence. Turbotax just suggested I deleted it  from rental income section. How and when do I recapture taxes deferred on that property? Do I have to do it now since I converted 1031 rental property to my primary home or wait till I sell the property?

 

thank you,

 

0 1 587
1 Replies
Expert Alumni
Jan 28, 2019 11:08:29 AM

The TurboTax suggestion is correct. You won't have to recapture any depreciation allowed/allowable on your property until you sell your property.