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Form 4797 for 1031 Disposal
I am using TurboTax to Form 4797 to record the sale of my 1031 property. I had one property, executed one exchange, and now sold new replacement property.
Part I, Number 2: Do I enter the land value of the latest (replacement) property or the original property?
Part I, Number 5: Do I enter the gain from the sale for the original property?
Part III, Number 20: Is this the gross sales price of the building for the replacement property?
Part III, Number 21: Is this the cost basis for the replacement property?
Part III, Number 22: Is this just for the 1250 portion of prior depreciation entered on my tax returns?
Assuming yes, where do I enter the 1245 prior depreciation?
Part III, Number 22: Do I include all the depreciation from the original property plus the replacement property depreciation?
Greatly appreciate input!