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New Member
posted May 7, 2024 5:39:56 PM

How do i enter 2023 1031 exchange when exchanging one rental into two new rentals? Does Turbo Tax support multi-asset exchanges? Also i need to enter 1031 cashout that qulaified for homeowners exemption (2out 5 year rule) on the relinquished property

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1 Replies
Level 15
May 8, 2024 7:52:17 AM

Technically, the answer is that the program does not support multi-asset exchanges. 

 

However, they can be done in desktop editions of TurboTax (see link below for reference).

 

See https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange-for-rental-property-end-to-end-question/01/1279716#M462876

 

In this scenario, you might want to consult with a local tax professional.