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The 1031 is just telling the IRS that you swapped one for two properties. The fact that you are renting them versus another use, means that you must input them into the rental section. If the properties are a duplex type of item, then combining them could make sense and selling one later would be a real hassle. If they are two distinct properties, you need to enter them separately. On the bright side, once you enter the first, the second will go quickly.
The Instructions for Schedule E (Form 1040)state: Complete lines 1a, 1b, and 2 for each rental real estate property.
I have the same (1 relinquished - 2 replacements) for 2021.
Does this fault exist in TT 2021?
For any tax year ... the TT program will not do this automatically. You must use the downloaded program, do the math yourself then make override entries in the FORMS mode which if you don't now what you are doing please seek local professional help for this tax return.
Hi Amy. Your comments and suggestions are so helpful. Thank you.
On 2021 TT, I also did a 1 to 4 like kind exchange.
Sold a property for $450k (bought for $282k with a land value of $62k) 7 yrs ago. It still had a mortgage of $137k.
I bought 4 properties: $230k (mortgage of $166k) and the rest paid in full cash $129k, 122k and 139k.
Can I add up the 4 properties as if it were in aggregate $620k and use this as the FMV of Like Kind Received.
Then how would I calculate my Mtg/Liability:
and Could you guide me through the rest of the worksheet?
Thank you so much in advance.
CP
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