Due to a 1031 exchange a rental property has inherited the deprecation schedule of the relinquished property. The number of years depreciation remaining for the new property is therefore not 27.5 years. How do I change this? The Asset Entry Worksheet doesn't allow me to edit the number of years.
You continue to depreciate the 'old' house (carryover Basis) using the original "placed in service" date of the 'old' house. That will 'finish' depreciating that part.
You then create a second asset to depreciate the 'extra' money paid for the new property, using the new property's placed in service date.
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