Does TurboTax Premium allow for 1031 exchanges with multiple relinquished properties for a single received property?

Forum|Forum|1 year ago
February 17, 2025
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DavidD66

Yes, you can report a 1031 Exchange with multiple relinquished properties in TurboTax Premium. I recommend you use TurboTax Desktop software if you are going to report a 1031 Exchange so that you can access and use the Forms mode, which is only available in the Desktop Software. For more information, see TurboTax Desktop Software

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DenverSteveAuthor

It looks like the IRS instructions for Form 8824 include notes for this situation. Specifically, this is defined as a multi-asset exchange:

"The transfer or receipt of multiple properties within one like-kind group is also a multi-asset exchange."

Therefore, you need to attach your own statement to your tax return:

"Instead, attach your own statement showing how you figured the realized and recognized gain, and enter the correct amount on lines 19 through 25."

Unfortunately, TurboTax does not supports adding your own statement when you e-file. Though, you can print the return and mail it yourself.

DenverSteveAuthor

Note, TurboTax Community posts do not like the format of IRS website links; it thinks they include phone numbers and removes it before posting 😐 Hence, I cannot link directly to the instructions for reporting Multi-Asset Exchanges.

You can manually search the 8824 instructions for Multi-Asset Exchanges.