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?

Gwen8 · ‎October 8, 2021

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.

Critter-3 · ‎October 8, 2021

That should have happened on the 2019 return ... seek local professional assistance to make sure you did it correctly or to make the correction.

tagteam · ‎October 9, 2021

This scenario can be quite complex.

See https://www.irs.gov/instructions/i4562#idm140594195971360

As @Critter-3 wrote, consult with a local tax professional.

Gwen8 · ‎October 11, 2021

I found an answer from randoodle @ Husam22 dated 3/5/20 that helped me immensely. Thanks for your help too.

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?

Investors & landlords

Investors & landlords

Investors & landlords