Like kind exchange

[gman]

Could some of you help me with like kind exhcanges and the way you list it on your depreciation schedule. My prior software would do the entry for me, but Drake does not.

I have used the adjusted basis plus boot for the basis on my new asset. Removing the old, but I believe you must make an election to
do it this way.

Do many of you leave the old asset on the depreciation schedule and just add the new asset with a value of the boot paid. I cannot see
leaving the old asset on when you no longer own it.

Any suggestions please.
thanks

[ddoshan]

I could be wrong but I believe that by doing a like kind exchange via form 8424 (I believe its 8424) you can do as you say by using the adjusted basis plus boot to arrive at the basis for the new asset. I think by using this route on a timely filed return you will have by default made the election to do this. So as to not have to leave the old asset on depreciation.