Question

After entering like kind data, do I go back to the rental (relinquished) property and check the box as sold this year?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Income and expenses have been entered for the rental properties both before and after a 1031 exchange. Do I need to go back now and answer the box that says "did you sell this property this year" or something like that. So far, I've left it blank.

TurboTax Premier Windows

P

pk12_2

Employee

You did not sell the relinquished property -- you exchanged it. As part of the details you fill out for the 1031 exchange, you include the adjusted basis, accumulated depreciation, etc. I am hoping you used a Qualified Intermediary ( QI ) because the QI final report would include all of these details.

If you exchanged by yourself -- a simultaneous event, you perhaps should consider using a professional tax person ( familiar with 1031 like kind exchange) -- could be big headache else.

I have multiple 1031s with QI