There is a fairly good help article https://proconnect.intuit.com/community/federal-taxes/help/how-do-i-enter-a-like-kind-exchange-in-th... Read it and come back if you have more questions. 

Thank you I read that.  I guess I am just asking for clarification if the election information on the statement pertains to the new asset, or the old assets.  For example, two properties were sold, and exchanged for one.  Therefore am I just entering information on the one asset I applied all the cost of sales associated to it?

You enter it as depreciation for the new rental, or you just put it in some note for the new investment property, if it is not being depreciated.