I have a 1031 exchange in 2021 with the relinquished property sold in late 2020 and replacement property acquired in early 2021.
(STEP1), I entered the relinquished property under Business Income and Expenses ->Less Common Business Situations -> Sales of Business Property -> Any additional like-kind exchanges.
(STEP2), I entered a replacement property under Rental & Royalty Summary page. Under the new property profile, I chose the option 'I acquired this rental through a like-kind exchange'. Then, I went back to the STEP1, edit the relinquished property profile and selected the replacement property just created in STEP2. However, it seems the TurboTax does not transfer the cost basis to the linked replacement property just created.
I have attempted to enter all the costs for the replacement property under its ASSETS section. The process seems a bit off. The depreciation value with this approach seems the same if I were to enter this property as purchased as new.
Anyone has a similar experience with the broken link between 1031 exchange relinquished property and replacement property in TurboTax?
Thank you!
