I'm having a lot of trouble with my 1031 exchange reporting. My Qualified Exchange Intermediary provided instructions for completing the Form 8824; when I work through the "like kind" questions in TT, the results I get for deferred gain and new property basis are wildly different from what I obtain using my QEI instructions. Anyway, here are two specific questions: my QEI says that as a result of a change in regs in 2007, one can now treat the entire replacement property as a new asset for depreciation purposes, rather than carrying forward an "exchanged basis" and "excess basis" as the basis for depreciation. How do I make this election in TT, i.e., to have my replacement property treated as a new asset? Second: in stepping through the "like kind" procedure in TT, there is a page titled "Like Kind Property Received" that has 4 boxes for data entry, the last of which says: "Loans assumed with property you received." I did not "assume" any loans, but I did incur a loan on the replacement property. Do I enter that amount here, or leave it blank? There doesn't seem to be any other place to enter new loan information.
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I did a like-kind exchange of one residential rental property for another in 2018. Just curious: why would I check the box labeled "Any additional like kind exchanges (section 1031)" as opposed to the first box labeled: "Sales of business or rental property that you haven't already reported. (This includes certain farmland, mineral, or conservation property.) Is it because the first box denotes exchanges that are some other kind of exchange rather than a 1031 exchange? What throws me off is the mention of "rental property" in the first box. From my point of view, that is the kind of property that I exchanged.
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