1031s are complicated. My question is whether to elect not to create carryover basis assets.
The add-back doesn't make sense to me. If I add back depreciation, then the result is original cost, which is not adjusted basis.
I have done worksheets to calculate carryover basis and I know what it should be. I'm going to create new assets rather than let LC do it.
Edit: It seems that I can't elect out while also preventing LC from creating the new assets.
This discussion has been locked. No new contributions can be made. You may start a new discussion here
You have clicked a link to a site outside of the ProConnect Community. By clicking "Continue", you will leave the Community and be taken to that site instead.