Rental property destroyed by fire, sold the land, we want to defer the gain using 1033, how do we do this in TurboTax

[xfreid]

We have a rental property which was destroyed by the Marshall Fire at the end of 2021. We received the insurance reimbursement in 2022, later we sold the land since we want to get a replacement property somewhere else (using 1033 exchange). Because we sold the land, we received a 1099-S form.

We are using TurboTax web version. In TurboTax we searched "defer casualty gain" which brought us to "Deferred Gain Election Summary" page. We added an election here by filling out information about the destroyed property, such as acquired date, cost basis, FMV before/after loss, insurance reimbursement and etc. . But I couldn't figure out where to enter the land sale information and how to defer the gain. Please help.

Thanks

[DavidD66]

You can defer your gain on your casualty loss by doing a Section 1033 exchange, which is similar to a 1031 exchange.  This can be done in TurboTax, but you will need to use the Desktop (download/CD) version.  For instructions on how to make the election in TurboTax Desktop, see the answer to a similar question:  

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