@DianeW777
Good morning Diane,
Thank you once again for providing your valuable insight! I'll walk through through your comments today and start applying your recommended changes in the TurboTax program. I do have a quick follow up questions:
- Should Oil and Gas mineral rights even be apportioned the land from the original property or the additional basis from the 3 replacement properties? I don't technically own the land, but the minerals beneath it.
- Should the additional basis be spread across the 3 replacement properties even if 100% of it came from the loan/debt tied to replacement property 2 - Ford Distro Center.
- Will the proper tax forms be created as part of the 1031 exchange process if you do not Mark each property as traded ("I traded in an old asset to acquire this one")? I thought this question was specifically asked for 1031 situations.
Thank you so much!
Jamie
