@RobertB4444
@DianeW777
Thank you Robert for that input!
I had a similar situation in 2022 in which I performed a 1031 Exchange, but I did not think to reassign the remainder of the refinancing expenses to the replacement properties as part of their apportioned original basis number. Is it too late to do that? I had about $1,000 left for these expenses. Maybe it isn't worth readjusting the basis of the replacement properties (3 of them) in their second year?
Additionally, in regards to the 1031 Exchanged that I performed in 2023, one of the replacement properties is a Convenience Store/Fuel Center. I classified it as a Commercial rental property, which for the depreciation section, classified the asset as Nonresidential Real Estate that comes with the 39 year depreciation schedule. My understanding is that an asset that is a fuel center could qualify for a much shorter depreciation schedule - possibly as low as 15 years. Is that true, and can you please tell me what steps I need to go through in Turbotax to reclassify it this way?
Please let me know your thoughts.
Thanks so much!
Jamie
