For regular 1031 exchange, it’s low cost but it’s hard to buy a house within 45 days.
Is the reverse 1031 exchange worth it? I heard peope say it can cost 5k for the exchange and also more complex accounting and tax issue.
I def looked into it. Reverse 1031 is harder because, well, you have to have the funds to essentially buy your replacement place first. Who has that kind of money? In a normal exchange, you take the proceeds from the sale of your home and of course then have that much more leverage and funds to go hunting for your replacement home. Yes, that 45 days is the killer. Also, in a reverse, you are essentially doing two closings hence the added expense. I managed to pull off a straight 1031 exchange in this hot market somehow…
How much does it cost for a a straight 1031?
I forget. It is in all that documentation that I will eventually need to sort out when tax time comes next year. Next year, I may need to buy the super duper edition of Turbo Tax that has the full rental property content. Even my IRS buddy is not exactly thrilled about reviewing my taxes next year…
turbotax doesn’t make it easy to file your 1031. I used turbotax. It gave conflicting information on how to answer. Not sure if I did it correctly 
Oh sheeet, did you use the top of the line version of TT?
I used premier i think. It supports rental properties.
You used TurboTax to file tax for 1031? That’s too risky. If you got something wrong, would your exchange become taxable? Consequences are too grave
Ok, Premier it is (I think I was using Deluxe all these years since I do have a pair of IRS eyes to look at my return anyway) this year. May need to start earlier if issues…
Just buy the most expensive TurboTax, price difference is small. Much smaller than CPA cost
Too cheap…(and again why spend for more when I got an IRS pair of eyes to use)