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J
jwiley005
July 21, 2022
Question

1031 Question - I have two properties that I sold using a QI and replaced with 1 larger one.

  • July 21, 2022
  • 2 replies
  • 0 views

How do I enter this into TurboTax business. It seems to struggle with the sale of two assets to replace with one?  Can this be done?     

 

For a bit of background, it seems like the software could work if I did a 1 for 1, but it wants to replace the property with another property (makes sense as it is an exchange) but I don't want to set up fractional assets for the replacement, because that would be nothing but confusing for everyone.

 

 

 

2 replies

A
Anonymous_
Employee
July 21, 2022

With TurboTax Business, you are going to have to use Forms Mode for this transaction.

    Critter-3
    Critter-3
    July 21, 2022

    Can it be done in the TT program ?  Yes but it is not automatic ... you have to do it manually in the FORMS mode using overrides.  

      A
      Anonymous_
      Employee
      July 21, 2022

      @Critter-3 is basically correct and you will not be able to e-file in any event since you will need to attach a detailed statement.

       

      See https://www.irs.gov/instructions/i8824#en_US_2021_publink12597kd0e204

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