Entering your Like-Kind Exchange begins in the Sale of Business Property section under Less Common Business Situations (TurboTax CD/download) or under Other Business Situations (TurboTax online). Since 2020, the TurboTax screens may have changed. Now, the first few screens will relate to the property you are giving up (exchanging) and then after the screen, Like-Kind Property Given Up, you should see screens relating to Like-kind property received. Thereafter, you will likely see screens relating to other property that you are giving up, if any, and screens relating to Section 1250 Property.
After the above information has been entered, you should see the screen Your Like-Kind Exchange Results: Taxable Gain, Deferred Gain, and New Property Basis. Are you seeing these screens?
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