You must apportion your original basis in the relinquished property,under the Treasury Regulations, an exchanger must generally allocate basis among replacement multiple replacement properties ratably, in proportion to their relative respective values.
Each replacement property would receive a basis equal to 1/2th of your original adjusted basis
TurboTax search box and enter like kind and press the Enter key, then click on the Jump to like kind link.
After you have entered your first like kind exchange, you will be given the option of adding additional like kind exchanges you might have. Click on the Add an Exchange button and follow the prompts to add the next like kind exchange.
You may file only a summary Form 8824 and attach your own statement showing all the information requested on Form 8824 for each exchange. Include your name and identifying number at the top of each page of the statement. On the summary Form 8824, enter only your name and identifying number, "Summary" on line 1, the total recognized gain from all exchanges on line 23, and the total basis of all like-kind property received on line 25.
Mail in to the IRS with your tax return.
