I purchased a home as my primary residence and lived in it for 8 years. At that time, I turned it into a rental for 11 years. At that point I sold the home and did a 1031 exchange to another rental. That home was rented for a few years and then I moved into it as a primary residence for a few years. I sold that home (the like kind property received) in 2022.
When I complete the Sale of Home (gain or loss) in Wages & Income there is no way to indicate that the sale was associated (received) with a prior 1031. Where will I find the 1031 relevant questions for this most recent home (the like kind property received) sale?
Thanks so much.
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The 1031 exchange from a few years ago is irrelevant. Only the basis from the 1031 exchange and whatever it was reduced by for the years since the 1031 exchange is relevant. The basis will be entered and then you'll have the exclusion for the residential home. Make sure all of your basis figures in order.
Thank you. Very helpful.
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