My client did a 1031 exchange in 2020 with a rental that had a passive rental loss carryforward. I understand that the car transfers to the new rental property. Do the amounts need to be manually input in new asset? If so, what happens to the carryforward amounts in relinquished property?
How do you get the suspended losses to carryover to the new property? If I follow the directions on the 8824, my old exchanged rental still shows up with that suspended loss.
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