I sold a rental property through a 1031 exchange. Where in turbotax do I enter the like-kind exchange sale? I entered the sale of business prop & am getting taxed so far.

[puzzled_landlord]

I was entering information about the rental income and  it said to enter information about the sale. So I did & it is showing the taxes and not asking if it was a 1031-exchange sale. So far it looks like I will be taxed for the sale.

[Anita01]

In the process of editing the assets and entering your sales information in the Rental interview, you come to a screen saying "Tell Us More About This Rental Asset." The third choice on the list says you "sold or..........." this asset and you enter the sale date.  

After confirming the prior depreciation you come to a screen asking "Special Handling Required?"   Click the Learn More link for Traded in for a new asset.  The program will tell you how to enter your exchange information.

[puzzled_landlord]

When I reach the "Special Handling Required?" page, it does not list "Traded in for a new asset". I get this page:
Special Handling Required?

- This is an intangible asset not considered section 1245 property. Learn More
- You converted the asset to 100% personal use. Learn More
- You gave this asset away as a gift. Learn More
- The asset was lost or destroyed due to casualty or theft. Learn More
- This asset was a rental, a home office, or a home office improvement within a home. Learn More

[Anita01]

Try the Learn more after the last choice

[Anita01]

Here's what the Learn More says in my program.  You can still use this information, the selection on that screen are only informational:
If you trade in business property for similar property, it is considered a like-kind exchange. You report these exchanges under "Property Sales/Installment Sales."

When you enter the exchange information, TurboTax will figure any gain on the exchange of properties that must be reported this year. We will also determine the basis you must use for the asset received.

To enter this exchange and figure the basis for the asset received, select Topic List in the toolbar at the top of the screen, scroll to the Income category, then choose the Other Income topic. When you are finished entering the exchange information, return to this section of the program to enter the asset received in the exchange.

[alita]

I'm having the exact issue and none of these answers has helped me. I do not get an option for anything related to a like kind exchange when I select special handling.

[puzzled_landlord]

I went to the Business Income section and was able to enter all the details about the like-kind exchange, and it said I had only deferred gain from the sale, but the Fed tax due did not go down! It is still taxing me for the sale of my rental property. How do I make it refigure my tax due minus the amount it taxed for the sale of the rental?

[puzzled_landlord]

Should I not have told it under the Rental Income section that I sold that property? That's when it started charging the tax due on the sale and now continues to charge it when I also enter the information under like-kind exchange.

[puzzled_landlord]

Please tell me what steps to take to have turbotax remove the tax on my declared like-kind exchange.

[1031frustrated]

puzzled,  when you go to "Sales of Business Property" =>Any other property sales"

[1031frustrated]

un-check the "Sales of Business,  instead  check Any additional Like-kind Exchange

[1031frustrated]

puzzled,  I found this works for me: From the Federal Tax Tab =>Sales of Business Property , Edit , a page “Any Other property Sales?” popup, un-check “Sales of  business... check “Any additional like-kind exchange (section 1031)”, then follow the instructions.  By doing this way, you will not see a tax change from the gain of selling  a property which you exchanged to a different property.  If you enter the property sale somewhere else, you will see a tax jump.   Sorry about the two previous mess up posts.