Re: Depreciation on Single DST with Multiple Properties

Forum|Forum|4 years ago
March 30, 2022
5 replies
62 views

I sold one condo and purchased 2 DSTs in separate states. How do I input this into turbo tax? I worked at HR Block for 10 years so I am pretty tax savy. I have no idea how to do this? I called help support and was told that even though I purchased Turbo Tax Premiere I was not allowed a tax expert and had to speak with a useless "product specialist" that has no tax expertise. Who can help me?

Anonymous_

Level 15

Was this a 1031 exchange? You need to report that transaction on Form 8824, if so.

krubelAuthor

Level 2

Yes. This is all being done on a 8824. One rental sold purchased 2 DSTs. That creates issues. Other rental sold in December 2021 and then identified and purchased in 2022. Turbo tax does not want to recognize this. And DLT accounting firm puts one manufactured housing as just one number at a loss. No 1099 or 1098. It is very confusing.

GeorgeM777

Alumni - Intuit

Have you received a year-end operating statement that shows your pro-rata portion of the properties rental income and expenses? Additionally, have you received a Form 1099 reflecting, among other things, rents (Box 1), royalties (Box 2) or other income (Box 3)? Rental property income is generally entered on a Schedule E and in TurboTax online, Rentals, Royalties is in the Income & Expense section.

What is the nature of your investment in the DST? For example, if you are an investor, investors are considered owners within a trust and receive their share of the cash flow income, tax benefits, and potential asset appreciation. We need additional information to better assist you.

@krubel

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krubelAuthor

Level 2

A CPA from Turbo tax reached out to me. He was wonderful. Still having issues as recieved a 1099S for selling a rental and then identified the new new property in 2022 and purchased the new DST in 2022. turbo tax wants me to delete this. Also having issues with the multiple DSTs purchased with one rental property sold. It is not flowing correctly. And I think Turbo Tax has all the original costs and depreciation, however I had to calculate the adjusted basis on my own. If someone could help one step at a time. What do I do with the new DST purchased in 2022? The 1099S is 2021.