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Level 2
posted Feb 17, 2022 9:03:18 AM

Turbotax and a 1031 exchange and form 8824

I did a 1031 way back in 2005. The purpose of doing the 1031, was to defer capital gains tax. The form 8824 is needed to calculate the cost basis of the received property, thus lowering the cost by the deferred gain. I read somewhere that if you do a 1031 but do not do the 8824 the fed voids the 1031 and you have to pay the tax. Does Turbotax Premiere create the form 8824 automatically. I do not remember doing it myself?      

0 9 5964
9 Replies
Level 15
Feb 17, 2022 9:12:54 AM

TurboTax will generate Form 8824 automatically if you go through the steps (in the interview) for a like kind (1031) exchange.

Level 2
Feb 17, 2022 11:49:37 AM

I found something from Randy that explains How to do a 1031 and it says

  1. First, enter the data for the 1031 Exchange.  This is done under FEDERAL TAXES... Wages & Income... Business Items... Sale of Business Property.  The first question is on "Any Other Property Sales?".  Check the box for like-kind exchanges.  Complete the questions in this section and TurboTax will:
    1. Generate form 8824 for your like-kind exchange
    2. Calculate the Deferred Gain.  This is presented after you answer the questions for the like-kind exchange.
    3. Calculate your New Property Basis.  This is presented after it presents the Deferred Gain.  Write down the New Property Basis as you will need it later.

My concern is in the year 2005. I do not have a copy of my 2005 return, I'm trying to recreate it from "Tax History from 2008 and I can not find step 1 in Turbotax 2005 Premier

Level 15
Feb 17, 2022 11:53:28 AM

@rlamoreaux1 wrote:

My concern is in the year 2005. I do not have a copy of my 2005 return, I'm trying to recreate it from "Tax History from 2008

That is a problem. You might try contacting Support to see if they have any suggestions.

 

What is the TurboTax phone number? (intuit.com)

Level 2
Feb 17, 2022 12:24:56 PM

I can create the form 8824 manually but not automatically, I sold the properties in 2021. I'll just use a "Best Guess" and assume I did the 8824 way back in 2005. Thanks for your help[

Level 1
Mar 17, 2024 7:16:02 PM

I'm now doing my 2023 tax return using TurboTax Premier. I had one rental property sold in a 1031 Exchange in 2023. I'm aware that I need to file form 8824. But I don't know at which step/question it'll trigger TurboTax to automatically create form 8824 for me. Please advise. Thanks!

Level 15
Mar 18, 2024 6:49:58 AM

The Sale of Business Property subsection under Less Common Business Situations (I am assuming there is some sort of analog to this in Premier).

New Member
Apr 6, 2024 6:05:51 PM

Jmi258 

Did this work, and could you e-file? I have H&R block and it all worked, but it does the allow e-filing of you use the 8824! I don't feel like printing 72 pages and mailing it in!

 

Thanks!

New Member
Apr 6, 2024 6:07:17 PM

Did this work, and could you e-file? I have H&R block and it all worked, but it does the allow e-filing of you use the 8824! I don't feel like printing 72 pages and mailing it in!

 

Thanks!

Expert Alumni
Apr 8, 2024 7:53:51 AM

Yes, Form 8824 can be e-filed through TurboTax. You can use the link below to see the forms available and those available for e-file using the TurboTax software.

@Pjhild