IRS 1031 exchange of three like kind properties for two.

Forum|Forum|2 years ago
October 17, 2023
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Anonymous_

Employee

Do you have a question?

TurboTax is not really well-suited for multi-asset exchanges. Although they can be input properly for an accurate return, doing so requires the use of Forms Mode which is available only in the desktop versions of TurboTax.

Further, the return will need to be printed and mailed since a statement will need to be attached to the return and TurboTax does not support e-filing with the attached statement.

crowelljohnAuthor

Thanks for the reply. I do use the desktop version and I have attempted to follow several other forum discussions. So far I don't have the confidence that the information is correct. I have called TS several times but still no luck.

I guess I need a Step-by-step solution.

Hiker John

Anonymous_

Employee

TurboTax is not great for your scenario and a step-by-step solution would still not include the statement you need to attach as that's not part of the program.

You should seriously consider guidance from a local tax professional.