If you did the like-kind exchange properly in TurboTax for TY2021, then you should not have this issue.
- When doing the like-kind exchange, the new asset should be added using the exchanged cost basis with depreciation pro-rated for the TY2021. The new asset and its depreciation schedule should move forward in subsequent tax years.
- The old asset should have taken out of service for TY2021. If you've itemized aspects of the old asset, you must take all those items out of service. Taking the asset out of service causes causes remaining loan charges to be expensed. If the old asset was removed from service, it should not move forward in subsequent tax years.
If you are not seeing your new asset and are still seeing your old asset, then you likely did not do the 1031 exchange correctly.
