Question

I sold 3 properties for $289.00 and bought 1 for $247.00 how you put this in your Turbo Tax Nick

Forum|Forum|4 years ago
February 7, 2022
2 replies
0 views

I don t know how to put this in your program in order to defferent tax for 2021?

fanfare

Employee

what kind of property and what was your cost ?

maybe you need an accountant.

Critter-3

Did you do a 1031 exchange ? If so TT will not be your friend ... you will need to use the downloaded program, do a lot of the math yourself and make overriding entries which will make efiling impossible. If you did then either upgrade to a live option online or seek local professional assistance unless you know exactly what to do.

H

HelenC12

You would need to enter each sold property separately and it depends what type he properties were.

If the property sold was your personal residence, for instructions on how to enter the property see Is the money I made from a home sale taxable?
If the property was a second home, inherited home or land, see Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?
If the property was a rental, see I sold my rental property. How do I report that?

Regarding the purchase of the one property:

If it was your home or a second home, see I bought a house, what can I deduct?
If you purchased a rental property, see Where do I enter income and expenses from a rental property?

If you sold three rental properties to purchase one rental property and you did a 1031 Like-Kind Exchange, see Where do I enter a like-kind or Section 1031 exchange (Form 8824)?

Related Information: