Leave that box blank because you did not assume any loans when you acquired the property (i.e., it appears that you secured a new loan).
You can elect out under the Regs but you have to make that election (which I do not believe TurboTax supports) by writing a heading on Form 4562.
See https://www.expert1031.com/sites/default/files/ElectingOut.pdf
The ultimate issue here is whether electing out will be advantageous for your particular tax situation. With that as a consideration, I would strongly urge you to seek professional tax guidance before making a decision.
