Where in TurboTax do I show property purchased in Like Kind (1031) exchange

Forum|Forum|4 years ago
March 13, 2022
1 reply
0 views

Thanks in advance to anyone who can walk me through this. I'm probably missing something very obvious.

Searching on TurboTax, it says that once I find "Like Kind" in search, and click the link, "This will take you to Any Other Property Sales? " Nope. It doesn't.

So I'm forced to do it manually. Looking at my old rental property, I did find where I could say I disposed of it, and I was able to put in the sales price and date.

But it never asks me if it was Like Kind, or any info abotu a property I bought with the proceeds.

Help!

I did go through the proper 1031 process. Sold the property in March 2021, had an agent record the 1031, identified the new property within 30 days, and closed on it less than a month later. Where do I link this purchase up to avoid the tax hit from the capital gains?

If it matters, I'm using QuickBooks on a Mac desktop.

LeonardS

To enter your Like Like Exchange in TurboTax follow these steps:

With your return open in TurboTax, search for like kind (2 words, no dash) and then click the "Jump to" link at the top of your search results.
This will take you to Any Other Property Sales? Check the second-to-last box from the bottom for like-kind and section 1031 exchanges and click Continue.
n the next screen, answer Yes and proceed through the interview questions. We'll fill out Form 8824 for you

This TurboTax link Where do I enter a like-kind or Section 1031 exchange (Form 8824)? has information you may find useful.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

LasOlasTaxesAuthor

Thanks for your quick reply. I'm sorry, I'm just not seeing what the instructions say. I've had other people walk through it, and we're not getting to the "Any Other Properties" choice either.

With your return open in TurboTax, search for like kind (2 words, no dash)

Did this. The search feature completes the phrase by offering a drop down labeled "Like Kind exchange"

and then click the "Jump to" link at the top of your search results.

What does "Jump to" mean? We're assuming it means to click on the drop down box that says "Like Kind exchange". We did that.

This will take you to Any Other Property Sales?

What does "take you to" mean? Should it open a new search page? Jump to something in my own tax return? Nothing is happening here. We just get the list of topics in the search box that all answer other questions about Like Kind exchanges.

Check the second-to-last box from the bottom for like-kind and section 1031 exchanges

In the search results? Second to last listing has nothing to do with our situation, and it's not in a box. I don't think this is what we're supposed to be seeing.

Are these instructions only for TurboTax's on line version only? Nothing is displaying as these confusing instructions say it will.

Please see screen captures below.

Please help!

AmyC

Employee

It it a little trickier this year. Follow these steps:

You want to type in like kind and do not hit enter. Instead, click the magnifying glass.
Once you click the magnifying glass, then the articles change and you get the jump to link
Click on the jump to like kind words
It will take you to Any Other Property Sales?
Select 1031 Like- Kinds Exchange