Sale of Rental - 1031

[Mcb050032]

Purchased a rental condo in 2008. Original cost of Bdlg $287,675, Land $10k, Parking Space $15k. They have been listed as separate assets and total depreciation on the Bdlg and parking space total $184,352.

There is also other furniture/fixture assets $12k  have been full depreciated. If I was to do a 1031 exchange for another rental property would the basis just carry over on the schedule: Bdlg $287,675, Land $10k, Parking Space $15k. Then I would just add a new basis for any cash I've give up?

[M-MTax]

There's an article. 

[M-MTax]

You have the fundamentals down though but note that you can't effect an exchange with the personal property.....real estate only.

[Mike9241]

no! your basis carryover is reduced by the depreciation you took.  look at form 8824 line 18. 

[Mcb050032]

Thanks. Agreed, all the prior depreciation needs to carry over too.