Thanks you again for providing additional input steps.
I must confess, my level of frustration with the 2024 Turbotax Premier for Windows software package has reached an absolute fever pitch. I have tried to follow all of the detailed instructions you have kindly provided including Form 8824 which records a valid like kind exchange under Sec. 1031 rules. No matter what I do the program continues to show in Form 1040 that I must pay capital gains tax (it is not being deferred due to the like kind exchange) on the sale of the first property and on top of that is adding a severe penalty for under withholding during the year.
Because of other business losses (not related to Schedule E rental properties) and very low W2 income reported along with a bit of capital gains / dividends and interest income, the impact of what Turbotax is erroneously showing me right now is a swing of about $83,000 in my tax liability for 2024 !!! If the program were treating the like kind exchange properly I should be receiving back a large percentage of the $9,800 in the federal taxes withheld during 2024. Instead Turbotax has decided I should pay the Feds a little over $73,000 !!! UNREAL !!!
What makes this even more frustrating is that I have been a loyal user of the PC based version of Turbotax since the mid-1980's when it was still a DOS based program. How many folks can say that ??? Never ever had an issue with any of the versions I have purchased and used each year over the last 40 years. 2024 is unfortunately a very different story so far.
Since there is absolutely NO phone number I can find on the website to call at Intuit about support the only way I can think to try to resolve this situation before April 15th is to provide an expert at Intuit / Turbotax access to my 2024 Turbotax file to see what I'm doing wrong or to verify that the program is indeed flawed.
Please let me know ASAP, this is a potentially very costly problem. Without resolution ASAP I will be forced to file an extension so the Gov't gets to keep my over withheld funds even longer and I would either have to prepare everything by hand or pay a CPA to do it while getting zero use out of Turbotax. VERY FRUSTRATING......Thanks in advance for your help.
