@Think57 , @Anonymous_
I'm not an expert, but that doesn't sound correct, as you seem to be ignoring the calculation from form 8824. Using the approach to continue the current depreciation schedule forward it seems you would subtract that from the new adjusted basis of the like-kind property calculated on form 8824.
I just want to clarify 100% before I file that you do use this new adjusted basis calculation from 8824 not just in the future when you sell the new property, but also to figure the new depreciation schedules (by percentage) for the structure, land improvements, etc. This makes a really big difference in long term strategy if you can only depreciate what is essentially the adjusted basis from the replaced property plus added basis from the new property. For example, selling a property after 30 years with a huge gain and trading up a little to multiple properties doesn't leave anything close to the actual cost basis of the new properties.
