i have reverse exchange 1031, i swapped a condo. for some reason, desktop software is showing loss even though it is not. i believe it has a problem understanding straight exchange vs reverse.
sorry i could not authenticate into forum to finish rest of question.
i am uploading 3 screenshots, smart worksheet, part 1, part 3
I want to make sure Turboxtax is calculating correctly.
in my reverse exchange basically, i bought a condo at 205k, sold old one at 332500; no mortgage given or received, there is roughly 28716; no depreciation was taken (it was my dad's with my name).
i would think i have to pay taxes
Not seeing an issue here. Your screenshots show that you exchanged a property worth more for a property worth less. The loss was calculated into the basis for the new property.
You're not paying taxes on any gains (in your case it was a loss), until the 'new property' is sold, as gain is deferred in a 1031 exchange. Your loss is taken by reducing the Cost Basis of the new property.
Here's more info on How to Enter a Like-Kind Exchange and 1031 Exchanges.