I recently completed a 1031 exchange that began in 2023 and was completed in 2024. The relinquished property, a 30-year rental, was sold on 10/31/2023, and the acquired property completed closing on 01/05/2024, all within the required deadlines and using a third-party 1031 intermediary. My 2023 Form 8824 completed correctly.
I have a question now about entering the acquired property in Schedule E for tax year 2024. Will the purchase price, adjusted basis, and deferred gain automatically transfer from my 2023 Form 8824? Or do I have to enter these manually? Also, for depreciation purposes of the newly acquired property, do I use my adjusted basis?
Thanks!
Barry C
