https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange/01/3647931#M1347676 <P>1. Adjusted basis - yes, purchase plus improvement minus depreciation plus sales expenses</P> <P>2. FMV will be the sales price.</P> <P>Great job!</P> Sat, 12 Apr 2025 00:17:51 GMT AmyC 2025-04-12T00:17:51Z https://ttlc.intuit.com/community/taxes/discussion/1031-exchange/01/3646933#M1347289 <P>Good afternoon,</P><P>&nbsp;</P><P>I am currently on the page asking for the Like-Kind Property given up in our 1031 exchange. My parents bought this in 1990, so I do have that number. Where it asks for "adjusted basis," is this where I would add in the costs of all improvements over the years minus depreciation? I am assuming the "Fair Market Value" would be what we sold it for, correct? Is this to determine the capital gains tax? They came out ahead on the new property by $15K.</P> Fri, 11 Apr 2025 18:46:42 GMT https://ttlc.intuit.com/community/taxes/discussion/1031-exchange/01/3646933#M1347289 terimac4 2025-04-11T18:46:42Z https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange/01/3647931#M1347676 <P>1. Adjusted basis - yes, purchase plus improvement minus depreciation plus sales expenses</P> <P>2. FMV will be the sales price.</P> <P>Great job!</P> Sat, 12 Apr 2025 00:17:51 GMT https://ttlc.intuit.com/community/taxes/discussion/re-1031-exchange/01/3647931#M1347676 AmyC 2025-04-12T00:17:51Z