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April 8, 2022
Question

LLC Partnership with Residential Rental Property 1031 Began 2021 Completed 2022

  • April 8, 2022
  • 1 reply
  • 0 views

I believe that I read the IRS instructions correctly, that the entire 1031 transaction needs to be reported on my 2021's 1065, however TurboTax Business continues to give me error messages when I indicate the replacement property is acquired/put into service 3/1 of 2022. Did I misread the IRS instructions, or is this a glitch in TurboTax not allowing the 2022 date on my 2021 return?  

 

1 reply

April 9, 2022

it would seem to be a glitch since it would seem by your comments that the original property was sold in 2021 (form 8824 is due for 2021)  and the proceeds are being held by the exchange trustee.