I did a 1 to 2 1031 exchange. Spent hours and finally figured it how to enter the deferred gain on TurboTax. I need help in calculating the depreciation for the 2 replacement properties.
Here are the relevant information:
Relinquished property basis for depreciation: 347,801
Date in service: 7/4/2018
Sold in 5/31/2023
Replacement properties (2 rental properties):
Total basis for both: 564,664
FMV: 850,000
I read about the 2 pieces for depreciation, just does not know how to calculate and how to data entry in TT.
Any assistance is greatly appreciated.
