How to fix wrong basis reported for sold off 1031 exchange property

Forum|Forum|2 years ago
March 3, 2024
1 reply
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We sold some property that we had acquired in a 1031 exchange. It seems like I reported the wrong basis for the property in our taxes for 2022. TurboTax did nothing to catch this issue, even though the property has always been handled through TurboTax.

How does the TurboTax guarantee for doing taxes right apply to this situation?
How do we now fix this with the IRS (Federal and State)?

Thanks for any help!

DianeW777

Below are links to help you with both the TurboTax guarantee and amending your tax return.

What is the TurboTax 100% Accurate Calculation Guarantee?
Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.

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