Tiaviany
Level 1
05-05-2020
05:01 PM
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Can I use the 1031 exchange for the sale of land for the down payment on a new house? If so, I want to show this on the 1040 tax return. How do I go about doing this in Pro Series?
abctax55
Level 15
05-05-2020
05:09 PM
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New house is a rental? = yes.
Or, a primary (as in home of taxpayer..) residence? = no.
And the 'yes' answer presumes all § 1031 the necessary steps have been followed (45 days, 180 days, qualified intermediary, no mortgage forgiveness, etc).
Altho, some of the time lines have been extended due to COVID - check the details as related to your client's transaction.
HumanKind... Be Both
George4Tacks
Level 15
05-05-2020
07:13 PM
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Assuming the client has met all the requirements, here is the how. https://proconnect.intuit.com/community/help-articles/help/1040-completing-a-like-kind-exchange-of-b...
Answers are easy. Questions are hard!
