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Does rental property depreciation on a 1031 Like Kind Exchange carry over from the old, exchanged property to the newly acquired property?
It is clear that a gain on the old property reduces the basis of the new property. When looking at Form 8824, does Line 25 which refers to the adjusted cost basis of the new property take into consideration the depreciation on the old property?
Thanks for your help!
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‎June 5, 2019
11:12 PM