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?

[kjpkjp28]

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.

[kjpkjp28]

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-882...

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!? 

[M-MTax]

@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.

[kjpkjp28]

do you know when 2024 software coming out?

[DoninGA]

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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.

[kjpkjp28]

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

[M-MTax]

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