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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 1:22 pm to SnukaD
Posted on 2/13/17 at 1:22 pm to SnukaD
This will answer your question. LINK
you can deduct a property 1/27th each year, The article says it's automatic. Once you sell it, you have to pay 25% on the price you depreciated, and 10% on the capital gains for selling at a profit. You can avoid the capital gains by reinventing in RE.
So I think you owe 25% on 59k
And 10% on 24
Is that right ODP?
you can deduct a property 1/27th each year, The article says it's automatic. Once you sell it, you have to pay 25% on the price you depreciated, and 10% on the capital gains for selling at a profit. You can avoid the capital gains by reinventing in RE.
So I think you owe 25% on 59k
And 10% on 24
Is that right ODP?
This post was edited on 2/13/17 at 1:33 pm
2
Posted on 2/13/17 at 2:32 pm to Rust Cohle
Depreciation is "allowed" or "allowable".
It is not what you actually deducted on a tax return, it is what would have been allowed regardless of whether you deducted it or not. Your failure to deduct allowable depreciation reduces your basis.
It is not what you actually deducted on a tax return, it is what would have been allowed regardless of whether you deducted it or not. Your failure to deduct allowable depreciation reduces your basis.
Posted on 2/13/17 at 4:50 pm to Rust Cohle
It was my pimary residence for 9 years and a rental property for about 8 years. So I think only approx 27k is taxed at 25%. At least I hope so lol
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