My like kind exchange occurred with sale 12/30/2019 and traded property received (2 rental properties) in February 2020 and March 2020. I think I have all the data entered as needed (although I am never certain on this), but concerned regarding inputting the AMT depreciable basis.
Is there information on how to handle this?
I assume I need to do this within the Schedule E for the received property.
I can go to the Asset Life History form and correct all the 28 years of AMT Prior Depreciation and AMT Deduction for the year. I don't think though that this transfers to the 6251.
I don't see anywhere on the Form 4562 to put any AMT info; and, there is no place on the Form 4562 AMT Depreciation Report to OVERRIDE. The Depreciation Report doesn't show the AMT info.
Am I each year to go to the Asset Wks form under the Sch E and OVERRIDE line 12 AMT prior depreciation and line 13 AMT depreciation deduction and ignore the other info I am speaking about above.
Any assistance would be appreciated.
(BTW in these discussion groups where is the info as to what a "Level 6" represents?)
