Quote:

---

Originally Posted by AtlantaTaxExpert

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?

Yes, that is correct!

Great! Thanks

Glad to help!

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?