I am completing the info on our rental property exchange. It is asking for the "adjusted basis" of the property sold. Everything has been depreciated because this house was bought for $94K in 1990. The land value doesn't seem to be depreciated (parent's purchase and my father passed away). If I put in the cost of the property and add/subtract the structure depreciation, that leaves $48K for the adjusted basis. This seems to create an issue on the next page that wants to know about different property received. I already put in the info on the new property under "like kind Property received", so the only thing that should go in this last section is the gain they made ($14K in cash) that I noted. The problem is it says based on my answers I need to show $51K. I am thinking for adjusted basis of the sold property I need to indicate zero? Since the land and property are sold together?
