to Opt in, DONT check that box! the two schedules are for depreciation...
1. continue the relinquished which you should have depreciation schedule already, you just continue and modify w/ just the rollover basis,
2. you enter 2 new assets as rental (they s/be like-kind, so I assume yours is rental) that triggers 2 forms (4562). the additional money needed to complete the purchase, total purchase = sale price + new money, is your new excess basis. you need to follow the guideline in IRS regulation to allocate excess basis to each of 2 replacement.
hope above makes sense. dont forget to keep track going forward...likely you will sell one or both and roll them into another 1031 exchange while the current relinquished is still enjoying its depreciation...
