Like kind exchange

Forum|Forum|5 years ago
October 14, 2020
1 reply
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How to COMPLETELY report rental Like Kind Exchange.

TurboTax Online

Anonymous

what version are you using? some don't support 1031 reporting

Jim-ThompsonAuthor

Level 2

I used TT Deluxe for 2018 filing, and using 2019 version of Deluxe for 2019 filing. I think there may be some sort of mistake with my 2018 filing, because after importing the 2018 return and beginning to enter 2019 data, I discovered that the property that I "relinquished" (i.e. gave up) still appears in my Rental and Royalty Summary, as does the replacement property. As the exchange was consummated in November 2018, I expected that the relinquished property would be "gone." I'm aware that there are 2 ways to treat depreciation in this situation where one residential rental property has been replaced by another of like kind. I thought that I was using the method whereby the replacement property is treated as new property, and its depreciable basis somehow incorporates depreciation already taken on the relinquished property. Hence I was surprised to see the relinquished property still "on the books" so to speak.