Depreciation after a Like-Kind Exchange

[Marigail Stamnes]

We sold a rental property that we held for 24 yrs. of 27.5 years depreciation on 6/15/2018 and bought up via like-kind exchange on 7/27/18.  We don't understand what to do this year on depreciation.  Do we start depreciation using line 25 of form 8824--basis of like-kind property received (after we separate building and land value) or is there something else to do?  Thanks so much.