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Solved

failed 1031 exchange

Forum|Forum|2 years ago
February 28, 2024
1 reply
0 views

how do I file a failed 1031 exchange in TurboTax

Thank you

Best answer by RobertB4444

A failed 1031 exchange is just a sale of your rental property. When you go in to enter information about the rental this year there will be a question asking whether you sold the rental this year. You'll answer yes. Then enter the information about the sale. If you made a profit on the sale you'll pay taxes on the profit.

Employee

You might want to post more details.

Did it span tax years? Did you do an installment sale instead?

See https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/failed-1031-that-crosses-tax-years/00/2601882/page/2

in 05/01/2023 I sold my rental and tried to do 1031 exchange. I did identify some properties, but the exchange failed, and I did not get fund from a qualified exchange intermediary until 10/29/2023.

How do I file the failed 1031 exchange using premier turbo tax?

Thank you

RobertB4444Answer

A failed 1031 exchange is just a sale of your rental property. When you go in to enter information about the rental this year there will be a question asking whether you sold the rental this year. You'll answer yes. Then enter the information about the sale. If you made a profit on the sale you'll pay taxes on the profit.

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