Thanks folks! I came very close to figuring out how to file for 1031 exchange after reading this thread. However, I still have one question left regarding the depreciation. @Anonymous_ mentioned earlier about https://www.fool.com/millionacres/taxes/depreciation/depreciation-after-1031-exchange-how-it-works/, which is also what I found earlier.
The question is, how can I actually file the two-schedule (exchanged basis vs. excessive basis) depreciation in TurboTax (I use Home & Business)?
@randoodle, your instructions above seem to treat the replacement property as a new property (option 2 in the link). For that, you need to make an election out. How do I make that election in TurboTax if I choose that option?
