@AmyC @Anonymous_ @Husam22 @erictt
It seems pretty clear that yes your new depreciation schedules should be based on the new adjusted basis for the replacement property (per line 25 of 8824). I was just wondering if it has always been this way or a fairly recent change?
I did an exchange back in 2015 and my memory is that Turbo Tax said to print out form 8824 and save it in your records because if you sold the replacement property that is the basis you would use to calculate your gain for that sale.
Thanks,
Victor
