We completed a 1031 exchange in late November 2021. We sold a fully depreciated duplex townhouse (one side rented from 1979; the other from 1984). The new properties are a very small portion of 1)luxury apartment complex in Illinois and 2)family apartment complex in Virginia. I pretty much ignored the tax docs we received from them for the five weeks we owned them in 2021 so I am considering amending the 2021 returns. I did put the properties in with the cash value we had put in each so Turbo Tax generated depreciation which I don't think is correct now. 1)For Property 1 we received a Grantor Letter which includes an allocation of operations showing rental revenues and expenses (which includes Depreciation for Land Improvements and Depreciation for Building). 2)For Property 2 we received tax docs of a 1099-MISC and a 1098 Mortgage Interest Statement plus a copy of the overall balance sheet. I realize now that I also need to file an Illinois return for Property 1 and a Virginia return for Property 2.
My question is will I have a depreciation I calculate from any remaining from the exchanged property in addition to what the Grantor Letter mentions in their expenses? Property 2 tax forms doesn't mention depreciation so again is this depreciation that I calculate to be included?
Thanks for any clarification.
