Thanks JARoberts. Very nice to chat with someone who has a similar challenge and has gone down the same line of thinking. Based on your postings and additional research, have decided to do the same as you. Will carry forward original basis, original date-in-service, original purchase amount, and original asset life to the received properties (exchanged one for two). To prevent double counting of depreciation for the building over the same time period for 2019, will manually override the calculated depreciated amount for the received properties. 2020 and going forward will be OK. So if never sold relinquished property, and total depreciation for the year would have been $4,921. Making sure that the TOTAL depreciation for the SAME ASSET for 2019 ACROSS the relinquished and both received properties does not exceed $4,921. TT is correctly calculating the relinquished building depreciation for 2019, $3,486, as TT knows when building was sold. So allocating and pro-rating the remaining building depreciation of $1,435 across the two received properties for 2019. Relinquished on Sep 3 and received the other two properties on Sept 5. Thanks again for your postings and response.
