How do you buy and sell rentals through a 1031 corporation using turbo home and business?

[klljc]

can home and business be upgraded to handle 1031 sale?

[AmandaR1 · Accepted solution]

If your business is a corporation or S-corporation, you won't be able to handle your return in Home and Business (for self-employed work), you'd need the TurboTax Business software, which you can find HERE.

You can still use TurboTax Home and Business for your personal return. When you're a corporation, your business has to file a completely separate return and then issue you a W-2 or other forms as applicable, to report with your personal form.

In either case, TurboTax can handle 1031 exchanges by setting up the asset in the software (and answering the questions) or/and when disposing the property (if already setup) and answering all of the questions.  Let me know if you have any follow up questions.