To whomever has time to answer me.
In June of 2024 we sold a long held apartment building through a 1031 into 8 DST's scattered across the country. I have entered 8 new Schedule E's (one for each of the properties). Three of those assets did not have any debt and no debt was assumed and five of them did have debt. They are all commercial or multifamily residential properties. I am confused on how to calculate the total cost of the asset on line 4 of the asset entry worksheet. Talking with a CPA friend he said I needed to allocate the roughly 555,000 in basis from the original property to each specific replacement property and enter that as the total cost of each asset. Can you clarify for me?
Thank you
Bret
