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?

[M-MTax]

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

[M-MTax]

Ask you QI for information.

[kjpkjp28]

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 · Accepted solution]

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

[kjpkjp28]

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 · Accepted solution]

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.

[kjpkjp28]

thanks for clear directions and prompt answers.