This question relates to the depreciation schedule and if you continue to leave the asset traded in on the schedule once it has been traded.
I do not like to leave an asset on there when it has been gone, but would rather take the adjusted basis and add it to the boot and then have only the new asset listed. What works for some of you on your depreciation schedules? Also, I believe you must make an election to remove the old basis from the schedule?
What do the majority of you do with like - kind exchanges?
I do not like to leave an asset on there when it has been gone, but would rather take the adjusted basis and add it to the boot and then have only the new asset listed. What works for some of you on your depreciation schedules? Also, I believe you must make an election to remove the old basis from the schedule?
What do the majority of you do with like - kind exchanges?
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