I did a like-kind exchange of rental properties in 2003. The Form 8824 prepared by a tax preparer reported the basis as 142,724, the cost basis of the 2 properties, which I used for depreciation. That amount plus the deferred gain on the property sold equals the purchase price. I'm thinking I should have taken a percentage of that new cost basis off for the land? But, I didn't. I sold it in 2019 and don't know what to report for the cost of the land? I'm using property tax valuation for percent of land in the selling price.
Cost to buy in 2003: 219,800
Deferred gain - 77486
= 142,314
basis of property given up 38724
basis of property received 103,590
= 142,314 Adjusted cost basis which I used for depreciation
How do I report amount of land in the cost?
Thank you!
Judie
