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florenz
Returning Member

sale of 1031 property

For the sale of a 1031 property, how do I report the deferred gain that was reported on the previously filed form 8824?

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4 Replies

sale of 1031 property

What type of property? How was the (replacement) property being used?

 

Typically, you would report the disposition on Form 4797.

 

In TurboTax, you would normally enter the transaction in the Sale of Business Property section.

florenz
Returning Member

sale of 1031 property

The property was rental (1250).  In reporting the sale, I do not see where to enter deferred gain that was reported on the 8824 filed in the year of the exchange.

sale of 1031 property

Under Sale of Business Property you will enter the sales price, your cost, and then the depreciation (accumulated). 

 

The program will generate a Form 4797 for you and disperse the gain (capital and unrecaptured Section 1250) appropriately.

florenz
Returning Member

sale of 1031 property

Correct, as far as it goes.  I located another thread with a reply by DaveF1006 that more clearly addresses the question: 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-report-sale-of-property...

 

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