Most elect to set up the Replacement Property as a new asset with a Cost basis of the new property = cost of new property - deferred gain from original property so there's no need to track Excess Basis as there was in years past as a separate asset, along with continuing depreciation on the exchanged asset (making three assets to depreciate).
TurboTax uses the 'New Asset' (simplest) method, so the Cost Basis for your Replacement Property is $88,672 and there is no entry needed for Excess Basis on the Asset Entry Worksheet.
This is indicated by the X on Line 58 to 'elect out of Regs under Sec 1.'
Click this link for more info on Excess Basis.
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