30 years ago I bought a rental propety
20 years I did a qualified 1031 exchange
Now I am selling the 2nd building
On my exchange agreement from 20 years ago there is a $ amount called "Relinquished Property Equity"
Is this amount the basis that I should use going into the calculation for the 2nd building?
I assume that I subtract the depreciation on the first building from this relinquished property amount / basis before calculating building 2?
