david3
Level 8
12-14-2020
01:29 PM
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I think that's where I messed up. I treated the $246K adjusted basis of the relinquished property as the depreciable value of the new asset and started the depreciation period from the 1031 exchange date.
There should not have been a value for the new asset.
You're correct - I'll have to manually record the sale on the "Enterable 4797".
Thanks so much for clarifying this.