1031 exchange opt out

[CapeCodDon]

I want to elect out on a 1031 exchange rather than do the two schedule approach. Do I dispose of the depreciable items as of the relinquished property sale date? move forward with adjusted basis of relinquished property plus access basis? How do I handle the previously depreciated finance fees?

In my 4562 it states on the bottom election made under section 1.168 (i) - 6 (i) for the replacement property at the overall adjusted basis. I have seen other documentation saying it must be written election under section 1.168 (i) - 6T(i).  I don't know if the T matters? thanks!

[Anonymous_]

Review the following thread.

https://ttlc.intuit.com/community/taxes/discussion/1031-exchange-for-rental-property-end-to-end-ques...

[CapeCodDon]

Thanks for the link TagTeam!

I have read that info and have done things similarly to the initial poster. My concern is the statement left on the 4562. Does it saying:

this election is under section 1.168 (i) - 6 (i) allowing me to elect out or is that the statement used for the 2 schedule approach. supposedly, unless you opt out it is required to do the 2 schedule approach.  That is my real concern. I am content at this point moving forward with it if I cannot get further info. Thanks!