I have a question about how to input the adjusted cost basis for a 1031 exchange (8824).
Let's say
1- I purchased lot 1 in 2021 for 100k , I sold it for 200k
2- With that money I purchased a lot 2 for 240k (I added 40k out of pocket). This was submitted as a like kind exchange for 2021.
3- In 2022 I sold 50% of lot 2 for 260k and bought lot 3 for 320k (adding 60k out of pocket)
How much is the Adjusted basis of Like-kind property I gave up in 2022? Does it have to take into consideration the transactions of year 2021?
