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Thank you for your reply!
I would like to confirm that I am not required to report the 1031 exchange funds. I wasn’t confident your reply was answering the 1031 exchange question or was answering the step up of cost basis/acquired date (I understand this). I have re-worded my question below.
My spouse and I purchased a rental property with like kind 1031 exchange funds 15 years ago. The spouse passed away and I inherited the rental. In 2017 the cost basis and acquired date were stepped up based upon the inheritance date. The property was then sold in 2019. Is reporting still required of the 1031 exchange funds?
Yes, one-half if you did not reside in a community property state with your spouse.
I would strongly recommend, however, that you seek professional tax guidance with respect to this transaction.
I am getting no help from Turbotax regarding this. Talked to few tax experts and CPA from turbotax.
I sold one property and bought two replacement via 1031 exchange via QI. I was asked to combine both the replacement property. One of the property, during the last 5 years - 6 months it was our primary residence. Due to that IRS clearly states that we will get partial exemption. But Turbo tax told us to get the taxes done from outside as it's not possible to do all this.
IRS clearly states this:
(contains worksheet to figure partial exclusion)
But not getting any help from Turbotax
what they probably meant is that this can not be done using Turbotax. There are multiple situations that are so infrequent Turbotax doesn't program for them.
if it can be done, someone will probably respond with the steps you have to go through
What are the options for me? Hire outside CPA. I am all done with my taxes except this one? Most of the CPAs that I came across were of Asian Indian origin who outsource their work to offshore or junior employees who make so many mistakes that i need to file at least 2 amendments. End of the day I need a file.tax2022 for my next year to be used in Turbo Tax. I am filing on my own for more than 15+ years and unless I find somebody better than me to do this job(in fact I am willing to pay $400 or $500 also for this) I am not comfortable doing that.
Around a month with live - 2 CPA and 4 tax experts have all done the screen sharing sessions with me. No luck.
There is also Full Service.
See https://turbotax.intuit.com/personal-taxes/online/live/full-service/#see-pricing
Beyond that, you are into a local tax professional (which may be the better option).
Here's what I figured:
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