I'm having a lot of trouble with my 1031 exchange reporting. My Qualified Exchange Intermediary provided instructions for completing the Form 8824; when I work through the "like kind" questions in TT, the results I get for deferred gain and new property basis are wildly different from what I obtain using my QEI instructions. Anyway, here are two specific questions: my QEI says that as a result of a change in regs in 2007, one can now treat the entire replacement property as a new asset for depreciation purposes, rather than carrying forward an "exchanged basis" and "excess basis" as the basis for depreciation. How do I make this election in TT, i.e., to have my replacement property treated as a new asset? Second: in stepping through the "like kind" procedure in TT, there is a page titled "Like Kind Property Received" that has 4 boxes for data entry, the last of which says: "Loans assumed with property you received." I did not "assume" any loans, but I did incur a loan on the replacement property. Do I enter that amount here, or leave it blank? There doesn't seem to be any other place to enter new loan information.
