Like property exchange firm 8824

[Alexkz]

I’m using Turbo tax premier attempting to file form 8824. Turbo tax keeps showing I need to claim all as a taxable gain.    I sold a 2d home property for a higher priced property within 6 month rule .  What am I doing wrong ?

[Anonymous_]

You need to provide more details.

However, you should be advised that the online versions of TurboTax are not as well suited to reporting a 1031 exchange as are the desktop (installed) versions.

[Alexkz]

I am using the online version.  What’s happening is the calculation shows all as a capital gain not as deferred .  

What would you advise me to do ? 

[Anonymous_ · Accepted solution]

You missed a step at some point or there is an input error of some kind. 

Ensure that the fair market values of the relinquished and replacement properties line up properly.

[Anonymous]

was the 2nd home rental? 

[Anonymous_]

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@Anonymous wrote:

was the 2nd home rental? 

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If you are in the correct section of the program, you are never asked that question. 

The transaction generally must be entered in the Less Common Business Situations section as the Sale of Business Property.