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Level 2

Solved

failed 1031 exchange

3 replies
51 views

how do I file a failed 1031 exchange in TurboTax

Thank you

RobertB4444Answer

Alumni - Intuit

Expert Reviewed

A failed 1031 exchange is just a sale of your rental property. When you go in to enter information about the rental this year there will be a question asking whether you sold the rental this year. You'll answer yes. Then enter the information about the sale. If you made a profit on the sale you'll pay taxes on the profit.

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Level 15

You might want to post more details.

Did it span tax years? Did you do an installment sale instead?

See https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/failed-1031-that-crosses-tax-years/00/2601882/page/2

Level 2

in 05/01/2023 I sold my rental and tried to do 1031 exchange. I did identify some properties, but the exchange failed, and I did not get fund from a qualified exchange intermediary until 10/29/2023.

How do I file the failed 1031 exchange using premier turbo tax?

Thank you

RobertB4444Answer

Alumni - Intuit

Expert Reviewed

A failed 1031 exchange is just a sale of your rental property. When you go in to enter information about the rental this year there will be a question asking whether you sold the rental this year. You'll answer yes. Then enter the information about the sale. If you made a profit on the sale you'll pay taxes on the profit.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"