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I completed the 8824 Like Kind Exchange on rental properties. 2019 tax year. How do I choose the new property as the new rental to depreciate and eliminate the old one?
I set up the new property as an asset with the adjusted basis of old property $168,000. The basis of the like kind property received is $313,000 which includes the adjusted basis of the old property. I would like to just have the new property to depreciate instead of keeping both.
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‎October 8, 2021
5:34 PM