I have real all the many posts on how to enter a Like Kind Exchange in Turbo Tax. I think I have it all working correctly now, my gain is deffered, the cost basis of my replacement property comes from the adjusted cost of the two residential rental properties I relinquished.
Here are my questions:
1.) In forms view I can see an asset worksheet for the loan fees and the corresponding Form 4562, but
I can't see an asset worksheet that shows the cost basis of the new property and therefore no Form 4562 (I do realize the cost basis for the newly acquired exchanged property comes partly or maybe wholly from the relinquished properties) . Step-by-step view tells me what the cost basis is and the number seems logical. My question is: why no asset worksheet and no Form 4562 for the new property? Did I do something wrong? Can I add one?
2.) useful life for residential rentals is 27.5 years but for commercial properties its 39 years. IRS says I need to change to 39. How do I change it?
3.) I'm thinking of using a cost segregation study to break the improvements into 5 year, 15 year and 39 year buckets. How would I do this in Turbo Tax? (Hence question 1 & 2 above).
Thanks for any help!
Chris
@Anonymous_ @harpermeek692 @Rick19744 @DianeW777
