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- How to account for depreciation in a 1031 Exchange
How to account for depreciation in a 1031 Exchange
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TSW
Level 3
03-19-2023
08:18 PM
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When reporting the the sale of former investment property, how to account for prior depreciation taken on the sale of that home? I think to add it to basis of the home and enter it on Line 18 of Form 8824. Is that correct?
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3 Comments 3
Norman2001
Level 7
03-20-2023
07:56 AM
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Line 18 is the adjusted basis of the property given up. Subtract, not add, the depreciation from the initial basis of the property given up.
TSW
Level 3
03-20-2023
08:54 AM
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Then how to account for the depreciation recapture?
sjrcpa
Level 15
03-20-2023
09:44 AM
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If the exchange is fully nontaxable there is no recapture.
The more I know, the more I don't know.
