1. Once the 8824 is complete, you can enter the new property with the new basis. When asked for the land value of the new rental property, entering the amount from the tax assessor's records is fine.
2. No, the land is the land. The value of the land is not affected by the 8824 and other issues. See another post of mine here regarding the 8824 and land.
There are two ways to handle depreciation after a 1031. Turbo Tax only handles one method well, the single schedule depreciation. It is simple, you take your new adjusted basis, begin depreciation fresh on the new property based on the type of property. The new building could have a different depreciation schedule from the old property, 39 vs 27.5 years.
It sounds like you have adjusted the basis and begun a fresh depreciation but maybe not.
If you are trying to use the 2 schedule method, you will have one depreciation for each property and the basis is not adjusted on the second property since you are still depreciating the first/ relinquished property.
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