After a 1031 exchange, you need to set up the asset you received in the exchange, just like when you set up an asset after you purchase it.
For a Rental Property, the asset needs to be set up in the Rental Property section of TurboTax.
After you set the asset up with the value you have, then TurboTax will calculate the depreciation.
If this is a rental property, then the asset will depreciation over 27 1/2 years.
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