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Tax software that supports "121 exclusion" in 1031 exchange
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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#2 1031 Exchanges Contributor
- 1031 Exchange Qualified Intermediary
- San Diego, CA
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#2 1031 Exchanges Contributor
- 1031 Exchange Qualified Intermediary
- San Diego, CA
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.
- Bill Exeter
