1031 exchange - we sold 2 properties in exchange for 1 new property. Do I split the cost of the new property between the 2 sold properties?

It depends. You can leave the two properties in tact on your depreciation schedule and simply rename them. Keep all of your records so you always know what you did on your tax return for the 1031 exchange. 

• Current Asset (now belongs to the property received in the exchange): $100,000 (building and land) -retains the same exact character, nothing changes including accumulated depreciation.

You don't have any 'buy up' since the property received has a lower cost basis then the two properties you traded. Be sure to add in any sales expenses to your cost basis of the new property. A new asset would be if you added any costs for capital improvements to the property received in the trade.

Boot: Any property or money you might have received that is unlike property in the exchange would be immediately subject to capital gains tax. 

Boot it will be handled on Form 8824 for your like kind exchange.

• Where do I enter a like kind exchange in TurboTax?