Folks if my reverse exchange 1031 started with purchase in Oct 2023 and sell in May 2024, where do i include this transaction and taxes , 2023 or 2024 tax year?

You need to complete the exchange within the mandatory 180 day period. You're beyond that already.

Ask you QI for information.

i guess i owe information.

exchange finished within 180 days and i filed for 2023 extension to figure out this dilemma of taxyear 2023 vs 2024 for this reporting.

Then when the relinquished property was transferred. File by your extension date which should be 10/15/24.

thanks one more question, i have used turbotax for years. i filed an extension with it, so i can still file online with Turbotax, i am using software installed in computer.

If you installed the software that's not an online version of Turbotax.....it's a desktop version and you can still use that this year.

thanks for clear directions and prompt answers.

have to come back here again.

When i try to transmit, it is asking to check errors and does not like reverse exchange dates, even though they are in required rules. it is in loop, not letting me submit the return electronically, not sure if it is a bug in software. here is screenshot for better understanding.

Not in range, meaning you'll have to print and mail.

Would you tell me which date? I have intent within 45 days and transaction finished within 180 days

It is exactly 170 days

Would you tell me which date?

2024? The 2023 edition of Turbotax won't like that date.....or any date in 2024

2023 edition.

I had to file an extension because transaction crossing years

Yep but the program won't accept a 2024 date for e-file.

Hi MTax

I changed the date to 3/17/2024 instead of 5/17/2024. it still went there as error correction. if i change 5/17/24 to 12/17/23, then it becomes green and provides no error.

i dont think it can understand reverse vs straight exchange.

i dont know if this is accurate, i found this blog https://www.1031corp.com/exchanging-thoughts-blog/bid/90692/reporting-your-1031-exchange-on-form-8824

so as per this blog, i swapped dates betweek line 4 and 6, error is clear. it is just it is not 100% accurate.

is this some sort of work around to handle "reverse" vs "straight" exchange!? 

@kjpkjp28 the program is the issue and I don't think there's any way around it......it does not like the 2024 date and won't e-file with that year in one of the boxes.

do you know when 2024 software coming out?

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@kjpkjp28 wrote:

do you know when 2024 software coming out?

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The TurboTax software for the next tax year is normally released in mid-November for the desktop editions and in early December for the online editions.

appreciate all responses. but this is messed up. extension has to be done by 10/15/2024 but 2024 software comes out in Nov. 

Yeah, but that just means you need to print and mail is all.