Purchased Rental House on 1/1/2015 for $450,000. $200,000 allocated to land, and $250,000 allocated to building. Sold Rental House on 9/15/2021 for $500,000. Sold house through a Qualified Section 1031 like-kind exchange to purchase a rental house in Nevada. FMV on date of sale was $500,000. Purchased new rental house on 1/1/2022 for $500,000. Rental house had no revenue, and the only expense was depreciation in 2021.
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