Good afternoon,
I am currently on the page asking for the Like-Kind Property given up in our 1031 exchange. My parents bought this in 1990, so I do have that number. Where it asks for "adjusted basis," is this where I would add in the costs of all improvements over the years minus depreciation? I am assuming the "Fair Market Value" would be what we sold it for, correct? Is this to determine the capital gains tax? They came out ahead on the new property by $15K.
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