I had a 1031X in 2024 with one relinquished property and two replacement properties. I have used the % allocation for asset basis and depreciation based on the purchase price of the new properties. I am having difficulties with transferring the assets from the relinquished property into replacement properties. Problem: the assets are being depreciated in 2024 in the relinquished property thru the date of the sale 6/20/24 plus a full year in the replacement properties because I have to keep the original place in service dates from the property that was relinquished.
What am I doing incorrectly, or is this right? Please help.
Another question: should I be entering the assets that are fully depreciated or just the ones with net book value?
FYI… I am treating the additional money “paid up” for the replacement properties as new assets (prorated, too) and began depreciating this one on the date we close on the purchase of the replacement properties.
