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T
TSW
Level 3
March 20, 2023
Question

How to account for depreciation in a 1031 Exchange

  • March 20, 2023
  • 1 reply
  • 20 views

When reporting the the sale of former investment property, how to account for prior depreciation taken on the sale of that home? I think to add it to basis of the home and enter it on Line 18 of Form 8824. Is that correct?

This topic has been closed for replies.

1 reply

N
Norman2001
Level 6
March 20, 2023

Line 18 is the adjusted basis of the property given up. Subtract, not add, the depreciation from the initial basis of the property given up. 

    T
    TSW Author
    Level 3
    March 20, 2023

    Then how to account for the depreciation recapture?

    sjrcpa
    sjrcpa
    Level 15
    March 20, 2023

    If the exchange is fully nontaxable there is no recapture.

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