Tax software that supports "121 exclusion" in 1031 exchange

1031 Exchanges
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Tax software that supports "121 exclusion" in 1031 exchange

Eugene Cheng
Rental Property Investor · Bay area, CA · Member since 2018 · 17 posts · 6 votes

Hi 

Anybody is aware of software tax service that supports section 121 exclusion for the tax-free boot? specially the property relinquished was my home in the last 2/5 years period. I have been using Turbotax for my returns but I couldn't figure out how to get Turbotax understand this specific 121-exclusion, even their supports can't figure that out either.

I am reaching out to CPAs but I still wonder if such software exists?

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  • Bill ExeterBusiness Member
    1031 Exchange Qualified Intermediary · San Diego, CA · Member since 2008 · 1k+ posts · 1k+ votes
    5y

    Hi @Eugene Cheng, 

    I have never seen a software like Turbo Tax or any others that can handle the tax processing for a 1031 Exchange well, let alone a 121 Exclusion. The 1031 Exchange is complicated enough, but the 121 Exclusion adds quite a bit more.  I would highly recommend a CPA for this year. 

    Exeter 1031 Exchange Services, LLC and Exeter Trust Company4.726 Reviews
    WebsiteView Page
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  • Eugene Cheng
    OP
    Rental Property Investor · Bay area, CA · Member since 2018 · 17 posts · 6 votes
    5y

    Thanks Bill. Could you PM some CPA recommendations for this matter? I am in bay-area CA.

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  • April Apps
    Member since 2018 · 2 posts · 2 votes
    5y

    Hi,

    I have a rental property in Kansas City which I rehabbed in 2020.

    I am looking for a CPA who is knowledgeable in real estate taxation preferably in San Francisco, Bay Area. I would appreciate any recommendations.

    0Reply
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