In 2019 Turbo Tax (Home & Business), I entered a data for a like-kind-exchange for a rental property sold for $900K. In exchange, it was replaced by 10 rental properties for a combined purchase of $1.5M, with about 687K in new loans for the 10 new rental properties. I also entered in $98K in expenses (commissions, loan fees, closing cost, etc). At the end of the like kind exchange questions, Turbo Tax shows I have 0 realized gains and nearly $300k in deferred gains. Yet, when I look at the 1040 form, it shows $300k in capital gains. I cant figure out why Turbo Tax form 1040 is doing this. Any suggestions or recommendations is much appreciated.
