1033 Exchange from Eminent Domain and Charitable Donation

[Ni1k]

A farm that my father gave to me while he was alive in 1984 and that I have been renting out was sold to the county/school board in 2021 under threat of Eminent Domain for $5M.  That was a reduction of $3M in asking price and they agreed to consider that reduction of price as a charitable donation to the school in the sales contract.  I received a 1099-S for the $5M from the closing attorney.  The farm was originally bought for $11,600 in 1952 and was worth about $75k in 1990.  I have bought 2 replacement rental properties totaling $600k and intend to replace the entire amount ($5M) within the 2 years allowed under a 1033.  Which exact forms do I fill out to identify the $5M as being deferred and not to count towards my AGI?  Just the form pictured below?  What about reporting the 1099-S?  Do I also need to fill out form 4797 or Schedule D now?  How do I report the purchase of the new properties that offset this gain in future years?  Do I report the 2 properties now and the rest later or wait to report all replacement properties at once?  What form for that?  How do I insure that the $3M donation is utilized and the excess carried over to apply to futures returns? I am on TT Home & Business desktop version.  

[tagteam]

The screenshots you posted are mine and they are around a couple of years old.

Regardless, you might want to review the following web site at the link below.

https://www.journalofaccountancy.com/issues/2002/sep/thetimingofsection1033elections.html

Also, the following thread:

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/where-can-i-find-form-1033-a-for...

With the charitable donation component and the actual monetary value of the property, you should seriously consider using a local tax professional as there could be state issues as well as federal.

See https://taxexperts.naea.org/listing/service/individual-tax-preparation

TurboTax is really not well-suited to overly complex tax scenarios as the one presented. The return could most likely be completed in Forms Mode but there is no guarantee that the required figures will flow to the proper forms nor is there any guarantee that other required statements (or attachments) will e-filed with the rest of the return and there will be little to no guidance, otherwise.

[Ni1k]

The question remains, is the form in the screenshot all that needs to be sent to initiate/declare the 1033?  Does that satisfy and delay the need to report the 1099-S proceeds?  Or are additional forms required such as the 1040 Schedule D, Form 4797, Form 8949, or Form 8824?  I realize that TurboTax has it limits and you can't provide advice.  I am simply trying to understand the proper use of the forms provided by the software which is what is always missing from these question/answer exchanges as I have read through all of them before posting.