I did a 1031 exchange that bridged 2022 and 2023 and to make it even more complicated I replaced 1 property with 2 properties and had boot. I can't figure out how to enter the replacement assets so that they have the correct depreciation.
How can I force Turbo tax to have a depreciation schedule of the remaining 17.93 yrs rather than the 27.5?
I'm using Turbotax Business and I've used it for years, but due to the complexity of the 1031, I had an accountant do my 2022 taxes, so I don't have a 2022 Turbotax return to load into my 2023 Turbotax.
I'm having to enter all of my assets from scratch.
Since I sold one, and bought two, I'm setting up two properties that would have the same depreciation schedule as the relinquished property, but I'm dividing the basis by 2.
The relinquished property had a yearly depreciation of $ 11,172 with 17.93 yrs left on it's depreciation schedule.
Turbotax keeps giving me an asset life of 27.5 years, which lowers my depreciation deduction considerably. It drops it down to $7284.
How can I force Turbo tax to have a depreciation schedule of the remaining 17.93 yrs rather than the 27.5?
The accountant has given me the depreciation schedules so I have all the correct numbers so I won't bore you with the details.
Any help would be greatly appreciated.
Thank- you!
