I filed a 1031 and 2003 I sold that property in 2021 I need help in filing those forms

uydfg
uydfg Member Posts: 3 Newcomer
edited January 15 in After you file

I filed at 10:31 on sold property in 2003 in 2021 I sold that property I purchased in 2003 I need help filling those forms out

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  • uydfg
    uydfg Member Posts: 3 Newcomer

    There was no gain on the entire project

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  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 248

    Hi Uydfg,

    Can you give us some more information? Perhaps you want to contact FreeTaxUSA customer support for help on that 2021 return? You can sign into your account to get help.

    With that said, here is a general answer about selling a property.

    Did you get a 1099-S form when you sold the property?

    Did you live in the house for 2 of the last 5 years, prior to selling it. Or was this an investment or rental property. How you report the sale, depends very must on that information.

    If it was a personal residence, and you meet the qualification of having owned and lived in it for 2 of the last 5 years, you get a 250,000 capital gain exclusion. Report the sale on the Sale of Main Home page under the Income menu.

    If it was a rental, that gets a little more complex and you need to enter the sale in the Rental Income section as a Rental Asset you sold. You will likely have ordinary income from the sale, since you took depreciation on the property.

    If you can provide some more information, we can answer your question more thoroughly.

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  • JMSSGV
    JMSSGV Member Posts: 74 Level 5

    Are you talking about a Section 1031 exchange?

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