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Gwen8
New Member

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.
3 Replies
Critter-3
Level 15

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?

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
Level 15

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?

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
New Member

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

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