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Is this a 1031 exchange? Note that if this transaction wasn't handled by a qualified third party as required by the IRS, then it is not a 1031 exchange. You simply report the sale of your rental property and you *will* be taxed on any gain realized from that sale, regardless of what you did with any proceeds from the sale. Then you'll report your acquisition of whatever other like-kind rental property you purchased, as a completely separate transaction.
If this was a qualified 1031 exchange, then to report it in the "sale of business property" section. Then select the option for "Any additional like-kind exchanges (section 1031)" if this was "in fact" a 1031 like-kind exchange.
You are welcome to post details here.I see you purchased the Live service. It would be easiest to have an expert guide you through the situation. You may want to contact a specialist that can work through that section of the return with you, screen by screen.
Your transaction will be reported on Form 8824, if in fact you did a proper 1031 exchange.
You can enter "like kind" in the search box in TurboTax which will take you to the appropriate section. However, you will probably want to get assistance with inputting the data so, as suggested by @AmyC, you should contact Support or, if you are actually using Live, a TurboTax Expert.
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