1031 Exchange: Like-Kind Property Given Up > Adjusted Basis

Forum|Forum|6 years ago
March 22, 2020
1 reply
0 views

1031 Exchange: Like-Kind Property Given Up > Adjusted Basis

This field appears be a field to enter a number. Given everything on the property sold has been tracked in TurboTax all along, would this information not be transferred? It seems as if TT is asking me to dig through years of paperwork to manually calculate?

Best answer by Anonymous_

TT would have kept track of the depreciation deductions throughout, right (a key component to the software)?
In theory, all the improvements would be somewhere in the tax file, but requires me locate and calculate.
In theory, all the deprecation would also be somewhere in the fax file, but requires me to locate and calculate.

---
FWIW ~ I do have a tax professional who reviews the return prior to official submission, and I look to get everything as buttoned up and clean as possible before it would be reviewed.

@pixelrogue1 wrote:

TT would have kept track of the depreciation deductions throughout, right (a key component to the software)?

Yes, the program certainly does keep track provided you entered the improvements (as assets) in the software for the year in which they were made (placed-in-service).

Anonymous_

Employee

@pixelrogue1 wrote:
Given everything on the property sold has been tracked in TurboTax all along, would this information not be transferred?

Unfortunately, as you have apparently discovered, the 1031 (like-kind) module does not work that way.

pixelrogue1Author

Thought one of the MAIN benefits to sticking w/TT all these years was for this information to carry through year-to-year, it will know these numbers and pre-populate (presuming the data was entered correctly.)

So then TT is asking me to dig up all the receipts for improvements for all the years to add them up to enter into that field, for real? That can't be right....something missing here.