@erictt
@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?
Yes. The replacement property is treated as a new property, except:
- You indicate that you acquired it as a like-kind exchange rather than buying it new.
- You use the exchanged basis for the new property when you enter it as an asset.
I'm not sure how to enter the data if you do an election out.
