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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 10:36 am to ODP
Posted on 2/13/17 at 10:36 am to ODP
Ok, and I add that to the basis to lower my tax burden?
Turbotax really doesn't ask for any details, just the total sales price, tax basis(plus expenses of sale) and depreciation.
Oh and what about the expenses from the purchase of the property in 2001?
Turbotax really doesn't ask for any details, just the total sales price, tax basis(plus expenses of sale) and depreciation.
Oh and what about the expenses from the purchase of the property in 2001?
This post was edited on 2/13/17 at 10:37 am
Posted on 2/13/17 at 11:11 am to SnukaD
quote:
Ok, and I add that to the basis to lower my tax burden?
Turbotax really doesn't ask for any details, just the total sales price, tax basis(plus expenses of sale) and depreciation.
Oh and what about the expenses from the purchase of the property in 2001?
"Expenses of sale" should include all the incidentals that occurred in selling the house.
Hopefully, you deducted all the purchase expenses in 2001. :)
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