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    marinaavet's Avatar
    marinaavet Posts: 18, Reputation: 1
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    #21

    Mar 14, 2014, 11:48 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    That answer I do know: Once the new property is purchased and the new basis is determined and in place, the depreciation cycle restarts anew.
    Ok, so we don't carry it over? The new depreciation starts for a new property the day of the exchange, right?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #22

    Mar 15, 2014, 10:07 AM
    Yes, that is correct!
    marinaavet's Avatar
    marinaavet Posts: 18, Reputation: 1
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    #23

    Mar 24, 2014, 08:19 PM
    Great! Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #24

    Mar 25, 2014, 12:30 AM
    Glad to help!
    marinaavet's Avatar
    marinaavet Posts: 18, Reputation: 1
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    #25

    Mar 25, 2014, 01:30 AM
    I have posted another question about an inventory. Maybe you are familiar with that.

    Also, do you know how would I report that like-kind exchange on the tax return? Seems like a form 8824 needs to be used , but how do I remove the old (exchanged) asset from the Federal asset entry worksheet? Under Disposition? But I can't really put anything under the sale price as it was not sold . If I do include a sale price, it calculates a gain/loss.. I am using a Proseries Tax Software in case you are familiar with that software or maybe are using it too. Do I just include the disposition date to remove it and ignore all other fields?
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