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re: Is anyone here an expert on depreciation of rental property after it's sold?
Posted on 2/13/17 at 10:14 am to SnukaD
Posted on 2/13/17 at 10:14 am to SnukaD
Did you take those depreciation deductions in past years???
Your basis in the property isn't what you paid for but what you paid minus the depreciation you deducted.
Put simply:
86-27(dep)=basis
110-New Basis=taxable income
Your basis in the property isn't what you paid for but what you paid minus the depreciation you deducted.
Put simply:
86-27(dep)=basis
110-New Basis=taxable income
This post was edited on 2/13/17 at 10:18 am
1
Posted on 2/13/17 at 10:19 am to ODP
Yes, I believe so, but I'm not sure. When I look at the depreciation form in turbotax, it says prior depreciaiton is around 24k and this year it's around 3.2k.
Do you know how to tell if I did take them? I'm assuming I did.
Do you know how to tell if I did take them? I'm assuming I did.
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