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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?

 
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M-MTax
Level 10

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?

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

View solution in original post

M-MTax
Level 10

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?

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.

View solution in original post

21 Replies
M-MTax
Level 10

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.

M-MTax
Level 10

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?

Ask you QI for information.

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?

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.

M-MTax
Level 10

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?

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

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?

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.

M-MTax
Level 10

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?

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.

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?

thanks for clear directions and prompt answers.

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?

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.

 

Screenshot 2024-06-29 133326.jpg

M-MTax
Level 10

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?

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

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?

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

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?

It is exactly 170 days

M-MTax
Level 10

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?

Would you tell me which date?


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

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?

2023 edition.

I had to file an extension because transaction crossing years

M-MTax
Level 10

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?

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

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