@DianeW777
Good afternoon Diane,
Thank you for the additional input. Sorry it took me a few days to get back to you; I've been out-of-pocket. All your answers make sense.
I do have what I hope is a quick question. It is in respect to my relinquished property from my 2022 tax filing. That property needed to exist in the 2022 tax return as a rental property with its own line item as I was still using it in that capacity for the month of January. Then as we discussed, once exchanged in February I portioned it out across the 3 replacement properties. However, for 2023, there is absolutely no activity associated with that relinquished property line item; no income, no expenses, no depreciation, etc. Everything has moved on in the form of the replacement properties. With that, to me it makes sense to delete this line item in the 2023 tax return. Do you agree?
Thanks so much!
Jamie
