1031 Depreciation

[Joseph S.]

I think this is a basic question about how depreciation works in a 1031 exchange and I think the easiest way to ask is through an example:

I buy house A for $200k, over the course of 5 years depreciate $50k of it, and then sell house A for $275k in a 1031 exchange for house B which I buy for $500k. Can I depreciate the full value of house B ($500k - land value) or does the $50k I depreciated from house A carry over and only allow me to depreciate $450k - land value over time?