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malwinder1
Level 2
March 30, 2021
Question

1030 exchange

  • March 30, 2021
  • 1 reply
  • 14 views

One rental property sold and second rental property purchased in 90 days, how 1031 worksheet to be linked in ProSeries Professional

 

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 30, 2021

Did they use a 1031 intermediary  to hold the money in between the sell and buy? 

If the money touched their hands, they sold a property then bought another, its not a 1031 exchange. The money must be held by a 3rd party.

1031 exchanges are reported on Form 8824.

https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-business-property-1031/00/5827

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