Question
1031 exchange opt out
I want to elect out on a 1031 exchange rather than do the two schedule approach. Do I dispose of the depreciable items as of the relinquished property sale date? move forward with adjusted basis of relinquished property plus access basis? How do I handle the previously depreciated finance fees?
In my 4562 it states on the bottom election made under section 1.168 (i) - 6 (i) for the replacement property at the overall adjusted basis. I have seen other documentation saying it must be written election under section 1.168 (i) - 6T(i). I don't know if the T matters? thanks!
