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State tax filing
The tax laws changed in 2018 and affected many areas, including the 1031, see IRS News Aug 2018 and this year saw Like-Kind Exchanges - Real Estate Tax Tips | Internal Revenue Service. You can read the basis information on page 3 of IRS News Aug 2018. There are a couple of ways to handle the depreciation after the 1031 exchange. Here is a great article explaining the options along with pros and cons.
The program prefers the simplest method and offers only that option. The cost basis of the new property = cost of new property - deferred gain from original property.
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March 28, 2022
5:32 PM