@AmyC , Thanks!
IChecked new property is in place with the new basis (same basis also on line 25 on Form 8824). Thanks for the pointers.
1) I have passive loss carryover from 2021 taxes (loss from operating the rental property).
Passive loss carryover from 2021 return = -10,000
Operating Loss in 2022 (before old property was sold in 2022) = -1400
Total passive loss caryover from old property = -11400
I added this passive loss carryover -11400 to the new property entry for 2022.
I believe total passive loss carryover would move from old to new property, seems correct?
2) I sold the old property on 2/1 and acquired new property on 03/25. There is around a month gap within relinquishing the property and purchasing the new property.
Depreciation schedule for the new property with the new basis starts on 03/25.
I don't need to do anything special for that one month, currect?
3) My old property had cost of land accounted for in the basis. The new property does not have any land (apartment).
Since this is a single schedule depreciation, new basis should depreciate as it suits the new property, so no land cost should transfer from the old property, correct?
Thanks!
