Line 18 includes the Adjusted Basis of the Like-Kind Real Property that I gave up in the 1031Exchange. I have claimed Depreciation on this property since purchase in 2016. Should I include the sum of *all* Depreciation claimed (for as long as I have owned this property), in the Adjusted Basis calculation?
Thanks to all who take the time to read my question...
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Oh Oh....
I've been receiving replies an hour or two after posting. Now, my last two questions have gone un-answered.
Does everyone go home after April 15?
Yes. Line 18 does include all depreciation allowed. Tax day was busy!
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