If a LLC does a 1031 exchange, do I need to report it on Form 8824 in my personal tax 1040?

Forum|Forum|3 years ago
April 4, 2023
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TurboTax Online

TomK2023

Yes.

Entering a like-kind or Section 1031 exchange (Form 8824 generated):

With your return open in TurboTax, search for like kind (2 words, no dash) and select the Jump to link at the top of your search results
This will take you to Any Other Property Sales? screen. Select Any additional like-kind exchanges(section 1031) and select Continue
On the next screen, select Yes and proceed through the interview questions. We'll fill out Form 8824 for you

Please see TurboTax Help FAQ for additional information: Where do I enter a like-kind or Section 1031 exchange (Form 8824)?

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Rick19744

Employee

The response by @TomK2023 assumes that your LLC is a single member LLC and is under the provisions of the default treatment being a disregarded entity: since you are asking from TT online version.

If this LLC made any other type of election, other than the default, then the response will be different.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

kagmAuthor

My CPA says that my LLC tax return has reported the 1031 exchange already. But I am also hearing that I need to file Form 8824 and hence I am confused. Do I really need to file Form 8824 if the LLC has reported the exchange and the new home and Capital gains is inside the LLC's bounded tax context?