DianeW777,
I did include the Loan fees into the cost basis for the relinquished property of the exchange. If you are sure they should not be, then I will remove them.
I have been struggling with how to handle the depreciation for the exchange in TT.
I found this article written by intuit that gives step by step instructions:
https://proconnect.intuit.com/community/individual/help/1040-completing-a-like-kind-exchange-of-busi...
However, after completing steps 1 and 2 in TT 2019, I could not see any affect when this was all imported in to TT 2020. What should I have seen different?
Also, step 1 basically flags the property as relinquished, should the same be done for the refi fees?
Also, how do you think these instruction would change if the property was relinquished in 2019, and the exchange property was acquired in 2020. Its seems steps 1 & 2 would be completed in TT 2019, but Step 3 would be completed in TT2020..., but if so, would it render the correct results? Or should Step 3 occur in TT2019, even though the exchange property is a future 2020 event?
