old property still there. that's probably correct in that you continue to depreciate the relinquished property over its remaining useful life. only the additional basis for the new property gets depreciated starting from scratch (full useful life). assuming there was no taxable gain (full deferral) those suspended losses remain suspended until gain is recognized for tax purposes.
the net basis of the old property (cost less all depreciation for period prior to exchange) plus the basis of the new property should equal line 25 of the 8824.
