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Tiaviany
Level 1
May 5, 2020

can i use the 1031 exchange for the sale of land for the down payment on a new house?

  • May 5, 2020
  • 2 replies
  • 17 views

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?

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    2 replies

    abctax55
    abctax55
    Level 15
    May 5, 2020

    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
      George4Tacks
      Level 15
      May 6, 2020

      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-business-property-1031/00/5827

       

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