rental house cost 24000
deprec taken 16000
adjusted basis 8,000
plus exchange cost 11,000
final basis 19,000
new property received cost 150,000
cash received 40,000
differed gain 131,000
recognized gain 40,000
basis of new rental 19,000
old rental sold thru exchange process for 200,000
so am I right in thinking the 40,000 is capital gain and new rental is set up of deprec sched at 19,000 ?
I would appreciation anyone thougths on this.