I have done a 1031 like kind exchange on an apartment building. I am doing form 8824. I bought another rental building. I am still able to do the Schedule E on the sold building (up to the sale date). Correct?
And I can do a Schedule E on the new building, correct? There were income and expenses for it in 2024.
Can I also take the extra taxes paid at closing as a deduction? Will it go on Schedule e for the building sold? And how about the extra expenses sent at closing such as 1031 legal fee expenses or other expenses? I understand that the expenses usually get added to basis when you sell a building but I wasn't sure if I could take any of them now since there was a 1031 exchange going on.
