Thank you for your reply. I will answer below according to your numbered responses:
1. & 2. When I am completing the last steps of creating the Like Kind Exchange the Step By Step view shows the calculated gain amount and the calculated basis amount.
3. Yes, TT does create a new 8824 but not a new 4562.
4. Thank you but my questions aren't related to what the proper accounting should be to comply with IRS regs. My questions are how to get TT to make the changes that the IRS says need to be made.
5. No, I have been using the correct depreciation of 27.5 years but I exchanged for a commercial property (which still qualifies as a "Like Kind") and the IRS regs say that the newly acquired property needs to be on a 39 year depreciation schedule. I understand this isn't what the average American does but there are many investors who step up from residential to the commercial world of real estate investing.
6. This is an interesting suggestion. Thanks, I will explore the idea.
7. Thanks, my questions are related to how to utilize TT, not how to do the accounting.
Chris
