Question

We sold a family camp and property and rolled that money into the purchase of a new one. can i claim that somewhere as an investment

Forum|Forum|4 years ago
April 17, 2022
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TurboTax Premier Online

Your sale may qualify as a like-kind exchange. If you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What is IRS Form 8824: Like-Kind Exchange

Here’s how to enter your like-kind exchange in TurboTax:

Type like kind in Search in the top right
Select Jump to like kind
On Any Other Property Sales? select Any additional like-kind exchanges (section 1031)

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