Hi experts,

I did a 1031 like kind exchange in 2022. Below are the details:

1. Relinquished Property: Sale Price: 212,500, Remaining Mortgage 43,000, Purchase Price: 69,000; Cash down: 19,000 and loan: 50500: Cumulative Depreciation: 14,000 and Cumulative Losses: 5350

2. New property: Purchase Price: 357,500; down payment: 150,000 and Loan: 207,500

Exchange Expenses: 15926

My Question is if after electing out from Reg 168 and elect one asset, what will be my Basis or cost for depreciation.