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@randoodle and others,

Randy, thank you so much for writing this post back in 2020 - it helped me a lot.

I am still running into one issue related to your #6 under Section 2 - new rental property.

"Complete the Assets/Depreciation section.  Add an Asset for the Rental Real Estate Property.  When you get to the Cost, enter in the Cost Basis of the new property that was calculated back in Step 1 above (you wrote that number down)."

Your instructions seem to indicate that you added a new Asset for the new property. Do you mean that you added an asset in addition to the property itself? I am asking because TT online will not allow me to go through the New Rental Property process with my acquired/new property.

Specifically:

1. In the rental property info page, I start by clicking "Start" for New rental property under Assets.

2. Click continue on the next screen, then answer the following three questions: 1) Was property your residence? - No. 2) Did you purchase this property? No. 3) How did you acquire this property? - I acquired this rental through a like kind exchange.

3. Click Continue. This brings you to this screen:

This screen seems to indicate TT is about to ask you for the info listed...basis etc.

However, when I click "Continue" on this screen, TT just takes me back to the basic rental property info page, and the New rental property asset is still marked as "Needs review". It is a circular loop.

So, this is why I am unsure how to enter the basis of the new property in order to calculate depreciation. Entering a new asset in addition to the rental property itself seems like the only option available in TT online.

Any help is much appreciated!

Zach

Btw, I have contacted TT personalized expert support 4 times with these challenges. They do not seem to know the answer on how to enter 1031 exchanges properly in TT.