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Sunjnky
New Member

1031 Exchange

I did a 1031 Exchange in which I acquired one property in exchange for 5 properties. How can I use Turbo tax to account for this transaction

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1 Reply
MaryK4
Employee Tax Expert

1031 Exchange

Unfortunately, you can not record more than one exchange property in TurboTax.  Per the IRS 8824 instructions:

 

If you transferred and received (a) more than one group of like-kind properties, or (b) cash or other (non-like-kind) property, don't complete lines 12 through 18 of Form 8824. Instead, attach your own statement showing how you figured the realized and recognized gain, and enter the correct amount on lines 19 through 25. Report any recognized gains on your Schedule D (Form 1040); Form 4797, Sales of Business Property; or Form 6252, Installment Sale Income, whichever applies.  Reporting of multi-asset exchanges.

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