Do you have to fill out an election statement when electing to use the simplified method for each asset (sold in a bulk sale), and exchanged for one building? Or would you just fill out an election statement on the main asset you applied the bulk sale to?
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?