Sold rental property and bought another rental property

It depends.  Unless your exchange qualifies you will pay tax on the gain from the sale of the first property. Some of the rules are printed for you here and the link is a nice IRS easy explanation of other details.

• To qualify as a Section 1031 exchange, a deferred exchange must be distinguished from the case of a taxpayer simply selling one property and using the proceeds to purchase another property (which is a taxable transaction).

Question: Where do I enter the TT new rental home purchase price? 

• You will use the same asset you have (the first house) exactly as though it was never traded.  You can change the address of the property.
• Also, see the link below for possible additional assets you may add for the new property such as additional cash paid or capital improvements or purchase expenses.

Who qualifies for the Section 1031 exchange? 

Owners of investment and business property may qualify for a Section 1031 deferral. Individuals, C corporations, S corporations, partnerships (general or limited), limited liability companies, trusts and any other taxpaying entity may set up an exchange of business or investment properties for business or investment properties under Section 1031.

What are the time limits to complete a Section 1031 Deferred Like-Kind Exchange? 

While a like-kind exchange does not have to be a simultaneous swap of properties, you must meet two time limits or the entire gain will be taxable. These limits cannot be extended for any circumstance or hardship except in the case of presidentially declared disasters. 

The first limit is that you have 45 days from the date you sell the relinquished property to identify potential replacement properties. The identification must be in writing, signed by you and delivered to a person involved in the exchange like the seller of the replacement property or the qualified intermediary. However, notice to your attorney, real estate agent, accountant or similar persons acting as your agent is not sufficient. 

Replacement properties must be clearly described in the written identification. In the case of real estate, this means a legal description, street address or distinguishable name. Follow the IRS guidelines for the maximum number and value of properties that can be identified.

The second limit is that the replacement property must be received and the exchange completed no later than 180 days after the sale of the exchanged property or the due date (with extensions) of the income tax return for the tax year in which the relinquished property was sold, whichever is earlier. The replacement property received must be substantially the same as property identified within the 45-day limit described above.

• IRS Like Kind (Section 1031 Exchange) Fact Sheet

To enter in TurboTax:  You must file Form 8824.  Use the instructions provided above (and below for your convenience).  Also use the link to see when that form is available.

• Where do you enter a like-kind  or Section 1031 exchange?
• When will federal forms be available? (Form 8824 will be ready on 3/31/2022 likely waiting on the IRS to finalize since it is still in draft form)

When you are signed into your TurboTax Online Account you can follow the steps below:

1. Under Wages and Income scroll to 'Other Business Situations' > Select Show More > Start Sale of Business Property
2. Check the box next to Any additional like-kind exchanges (section 1031) > Continue
3. Follow each screen to make your entries > Your Form 8824 will be completed for you based on your entries
4. See the images below for assistance

do I still have to pay any capital gain on the previous property/land sale

Assuming the property sold was not your primary residence for at least 2 of the last 5 years you owned it, and further assuming you did not do a 1031 exchange, bottom line answer is yes. What you do with the proceeds from the sale doesn't matter.

Where do I enter the TT new rental home purchase price?

Under the Personal Income tab (business tab if using the online self-employed version or CD home and business version) elect to start/update Rental & Royalty Income (SCH E) and just work it through. Read the small print on each screen and pay attention to detail. It matters, big time.

Below is some information you may or may not find helpful when entering the new rental, as the program doesn't seem to provide the clarity necessary on a few things. That clarity is provided below.

Rental Property Dates & Numbers That Matter.

Date of Conversion - If this was your primary residence or 2^nd home before, then this date is the day AFTER you moved out, or the date you decided to lease the property – whichever is later.
In Service Date - This is the date a renter "could" have moved in. Usually, this date is the day you put the FOR RENT sign in the front yard.
Number of days Rented - the day count for this starts from the first day a renter was contracted to move in, and/or "could" have moved in. That would be your "in service" date or after if you were asked for that. Vacant periods between renters do not count for actual days rented. Please see IRS Publication927 page 17 at https://www.irs.gov/pub/irs-pdf/p527.pdf#en_US_2020_publink1000219175 Read the “Example” in the third column.
Days of Personal Use - This number will be a big fat ZERO. Read the screen. It's asking for the number of days you lived in the property AFTER you converted it to a rental. I seriously doubt (though it is possible) that you lived in the house (or space, if renting a part of your home) as your primary residence, 2nd home, or any other personal use reasons after you converted it to a rental.
Business Use Percentage. 100%. I'll put that in words so there's no doubt I didn't make a typo here. One Hundred Percent. After you converted this property or space to rental use, it was one hundred percent business use. What you used it for prior to the date of conversion doesn't count.