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Video instructions and help with filling out and completing turbotax entering 1031 exchange

Instructions and Help about turbotax entering 1031 exchange

Music hello everyone today we are going to learn how we can take reduction of depreciation expenses for our assets we have during the year through TurboTax tool while filing the tax return to continue please enter your user name and password under the TurboTax and click on sign-in after you do so you will be landed to a page like this to continue click on signature my return remember TurboTax always calculates your maximum deductions and credit based on the information you prso to prmore information click on businesses to continue click on search and enter the depreciation phrase here and click on enter with the search result this plating the first option shows us some - depreciation to continue and go to this page directly click here once done you will be asked a few more Crean like f sale of the business or rental property a recapture of the previously taken section 179 or listed property reduction other losses after disasters sale of real estate cars or anything else any additional like-kind exchanges none of the above assuming we want to recapture a deduction of the assets which we take depreciation previously and we have entered the details section 179 click on the second one and click on continue the next query ARC's tis certain tax reduction must be recaptured or feedback if you use up to the item in your business falls in 50% or lower did you have business usage of either of the following types of property force to 50% or less for the first time in 2021 if it's so click yes if it's no click no assuming it's no click on no and continue and if it's yes click on back and click on years and enter a few more details like if your business use or vistit Apogee fell to 50% or less enter the following information of the property if it's not listed in section 179 please do not enter anything on the screen and click on continue lizard property capture will be taken on the next screen if you have 200 deducting introduction while taking into property under section 179 enter your date or amounts here the amount of deduction taken and the depreciation that would have been taken on this section 179 through 2021 let's say you took a deduction of cows jealous earlier and it would have been taken to 2021 be around $1,200 click on continue apart from that if you haven't come from rentals or royalty property you own you can also take deduction for depreciation of those properties click on continue to go to my screen with information we have provided we are not really professionally is if you are so click on the relevant option under 1 or 2 assuming we are not a real estate professional click on none and continue click on edit where we have already provided the information or entered our rental summary if happy Hamid.

FAQ

What is the most simplistic way to explain how to do a 1031 exchange?
Investment Property, Not PersonalProperty must be for business or investment. You can’t use your primary residence in a 1031 exchange.Properties Must Be “Like-Kind” Investment property for investment property. Like-kind doesn’t have anything to do with the quality, location or use of the two properties.Short Fuse45 days from the date of sale to identify potential replacement properties and a total of 180 days (including the 45 day ID period) to purchase at lease one of the identified properties. No extensions.You Need A Qualified Intermediary Don’t touch or use your proceeds, other than to purchase another property. Tax code requires use of a “qualified intermediary” to holds your money in escrow until you are ready to purchase another property.Buy A Property That Costs At Least As Much As the One You SoldReinvest All the Cash: Any cash not reinvested from the sale of your property will be taxable.Same Size or Bigger Mortgage: In order to defer 100% of taxes, the amount of the mortgage on the property you purchase needs to be equal or greater than the mortgage on the property you sell. If the mortgage on your new property is less than the mortgage paid off on your old property, you will owe taxes on the difference.Taxes Are Deferred, Not Eliminated The money you would have to pay in taxes gets reinvested in a new property. However, when property purchased through an exchange is sold, you will owe the taxes—unless you do another 1031 exchange.
How difficult is it to complete a 1031 exchange? What happens if I don’t go through with the transaction?
Some 1031 Exchanges can be creatively difficult…a lot of time can go into those. I cannot imagine that there would not be some penalty assessed for withdrawing.Especially if your deep into the transfer.ThanksSteve
If I own a single family rental property and I want to do a 1031 exchange, can I buy a duplex as a “like kind” exchange and live in one side while renting out the other?
If you’re considering a 1031 Exchange, you must consult a CPA or Tax Attorney for advice to help you through the process.
How much do you have to pay on capital gains if you sell your house and don't use a 1031 exchange?
You can’t do a 1031 exchange on a personal residence. That’s for rental real estate. You can do a replacement home for slightly more than the cost of your current home. The best way to know what you capital gains would be is to talk to your tax person (hopefully an accountant or a tax attorney) to give you the best advice and direction on how to deal with the sale of your personal residence and the purchase of another residence.