1031 Like Kind: Depreciation & Amortization Report - Adding current depreciation year

Forum|Forum|3 years ago
October 29, 2022
1 reply
0 views

Howdy, I sold my house using a 1031 and found like kind.

On the 1031 form it wants the adjusted basis

In the adjusted basis I SUBTRACT all deprecation ever claimed on the house

In my Form 4562 Depreciation Report, I have my previous year deprecation and current year

I am asking here, do I calcaulate ALL of "Current Depreciation" for this year, part of it, or none of it?
Let's say I sold my house in February 1, 2021 for example, one month into the calendar year.

I don't want to overcount my depreciation from this year accidentally as it adds another $5000 or so to the adjusted basis.

Best answer by Anonymous_

Thanks @Anonymous_ I am already in that section and almost done.

My questions specifically is regarding deductions from the SOLD property that occured in 2021.

Do I count ALL of 2021 deducations against my adjusted basis?

I'm wondering if possibly I do not, in case turbo tax somehow knows that I sold the subject property, and that it is not counting those deductions for me since it was sold.

Count all of your depreciation because TurboTax will take the deduction for you on Schedule E in the program.