anvillaunch
Level 2

When you enter a 1031 "like-exchange" in ProConnect, and use the standard (not simplified) method to continue the depreciation of the old property basis, it creates a carryover depreciation asset for you so you can track the carryover basis in the new property.  Ok great.  But the problem is it associates that carryover depreciation schedule asset with the old Schedule E rental activity.  There isn't any way to tell it that the carryover depreciation asset has to be associated with the new Schedule E rental activity for the new property??

I saw a post on here from a few years ago that mentioned the same issue, but there were no replies.

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