Investors & landlords
Yes, be sure to enter any assets (still depreciating) already on your return if you removed them. The original assets are now considered the replacement assets. Only the 'buy up' amounts should be new assets with an date placed in service as the date of the exchange (2024).
Do not use the 'excess basis' field add the 'buy up' as a completely separate and new asset. You must enter the additional asset yourself. This information is not transferred any where or used for calculations. See the note in the 'Learn More' link below.
- Here, we're just asking how much cash you paid to acquire the item, above and beyond any other costs associated with the item. Also include any loans taken out on the item. This is the excess basis amount.
