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Where do inter a 1031 exchange.? I entered 1 1099-S, but I do not see "like-kind exchange."

 
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3 Replies
LinaJ2018
Intuit Alumni

Where do inter a 1031 exchange.? I entered 1 1099-S, but I do not see "like-kind exchange."

Here are the instructions:

https://ttlc.intuit.com/replies/5122176

2014kltaxes
Returning Member

Where do inter a 1031 exchange.? I entered 1 1099-S, but I do not see "like-kind exchange."

I purchased the Premier Turbo tax - paying more to have the TT to handle 1031 exchanges.  That I can do - I can do the 8824.

I cannot do the sale/disposition of the asset -

 I MUST dispose of the asset - original asset so I can correctly calculate the depreciation for the year.

  When I dispose - it calculates a gain on disposition.

That is wrong - as when I do the step-by-step - for the like kind exchange, the gain is deferred.

 

and I can NOT find where to enter the 1099-S

 

So -  why am I paying for premier, and all the technical experts that answer never address that TT does not have a place to enter the 1099-S.

 

From what I read - you should enter the 1099-S,  in box 2 enter zero, and in box 4 place an "x"  this would not make the sale taxable.   This is great!!!  BUT TT does not let me enter the 1099-S .   When I select a form, there is no form 1099-S.    

It says IRS will look for a 8949  gain/loss - as that what would happen from a 1099-S.

I don't want to get "flagged" for audit because my turbo tax package does not let me enter the data I need to enter.

This is a routine thing - so it should be in the package.

 

I  NEED HELP.  Don't just tell me to do form 8824.

LindaB1993
Expert Alumni

Where do inter a 1031 exchange.? I entered 1 1099-S, but I do not see "like-kind exchange."

I am sure this complex tax situation can be resolved by following these steps:

If you are using Home and Business (Desktop) or/Self-employed (Online)

Select the Business Tab

  1. Go the Section, "Less Common Business Situations"
  2. Select Sale of Business Property
  3. The screen will ask "any other property sales?"
  4.  Select "any additional Like kind exchanges.  
  5. Click on "Add an Exchange"

From there, you will see the entry for the property given up.  There is no Form 1099-S to enter.  However, you are entering the information that is reported on the Form 1099-S pursuant to the sale.  Secondly, you will then enter the property that was received in the exchange.

 

If you are using  Premier/Deluxe

 Sale of Business Property is under the Wages and Income Tab

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