I sold 2 rental properties one in December 2020 and another in March 2021, used a QI who bought the replacement property also in March 2021. I understood that I had to file the entire exchange as if it happened in the year I sold the first property. But the replacement property was not put into rental service until 2021 and not the full year, as we added improvements before it was completely transferred to us from the QI. On the 8824 form for 2020 it calculated the adjusted basis for the replacement property, which I assume is what I should have input as the Purchase price of the new asset in TT's depreciation calculator. But there is also a question about excess basis? Any help here?
A 1031 exchange when one property is exchanged for 2 and they were aquired in 2 different tax years is nothing the TT progam will handle automatically. This will need the downloaded program and entries will need to be made in the FORMS mode using direct overrides. If you do not know exactly what needs to be done this is not a DIY situation and I highly recommend you seek local professional assistance with this messy situation.