@RobertB4444
Thank you.
"NEW ASSET = Transferred depreciation balance at time of sale + cash or other property exchanged in the sale. ..."
Question - Where does the "+cash" come from? Below is all the key numbers. Can you show me the equation to make the calculation?
Relinquished property:
- The sold =1,185,000
- Adjusted basis (building after depreciation taken + land) = $410,817 + $22,935 = 433,752
- Original cost building+land and no depreciation) = 449,925
- debt paid off = 243,791.
- Sell cost = 73,428
Replacement property:
- The purchased = 1,207,195
- New debt assumed = 273,264
