Reporting a 1031 exchange on my taxes

Hi! I am filling out a form 8824 to report a like kind exchange and it is adding the income to my taxable income. How do I fix this? I'll give you the entire scenario. I bought a property that I intended to rent but someone gave me an offer before I rented it so 1031 exchanged the proceeds (I have my exchange form) into 3 like kind properties (all single family rentals). How can I report this without it being added to my taxable income?

posted

Connect with an expert

2 Replies

Reporting a 1031 exchange on my taxes

Did you enter the information under the Like-kind exchange section? To do so, here is the link: https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-a-like-kind-exchange-form...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Reporting a 1031 exchange on my taxes

Yes I did and it is still adding it to my taxable income. I'm doing 2018 taxes right now if it matters and I'musing the software to do it.

Still have questions?