What is the proper procedure in Turbotax Premier for continuing the depreciation of assets from the asset that was sold/exchanged in a 1031 Exchange (the "exchanged basis")? I am trying to use the separate depreciation schedules to continue the depreciation of the old asset that was sold ("exchanged basis") and the excess basis (which is depreciated on a new 27.5 year schedule). This is described as option 1 (Separate depreciation schedules) below:
https://www.millionacres.com/taxes/depreciation/depreciation-after-1031-exchange-how-it-works/
The asset that was sold ("exchanged basis") has already been depreciated for 86 months so I need a way to add a new asset that can be depreciated for the remainder of it's 27.5 year depreciation schedule (27.5 years - 86 months). I am trying to create a new asset because I can't simply reassign the asset from the old schedule E to the new schedule E because the exchange occurred in September 2021 so it was being depreciated on the old schedule E this year (I also exchanged one property for 2 properties so I need to split the exchanged basis between the 2 new properties). I tried entering the new assets and manipulating the Asset Entry Worksheet to make this work but I get an error in box 10 if I try to manually enter prior depreciation.
I know there is a simpler way to do this using a new single depreciation schedule of 27.5 years (option 2 treating the replacement property as a new asset in the same article) but this would cost me hundreds of dollars every year in depreciation because I would be depreciating the old asset ("exchanged basis") over 27.5 years when I could be depreciating it over the remainder of it's prior depreciation schedule (20 years in my case).
Thank you in advance for your response.
