Thankyou - I have read so many posts and publications and could find no reference for this situation. Your answer is my intuition and accurately reflects real calculations - but the ambiguity makes it seem not so "honest" when answering the questions,
So - is it ok to use the date of Jan1 2023 as the "acquired" date as that is when it was reinstated as rental property
- and not the actual date I purchased the property in 2005 - to use with this 2008 cost basis amount ? All of the like kind exchange information was properly reported at that time.
Thank you once again for your answer.
and to continue answering the questions: again I have to assume this does not refer to the "original" business rental
1 a) I traded
b) I purchased
c)The item was sold, etc..or no longer being used in this business
d) none of the above
2 Business use since I "acquired it" yes - for "this" business ? or no - for the time I have owned the property?
