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re: If I sold my house, do I have to show it?
Posted on 1/23/21 at 5:17 pm to TorchtheFlyingTiger
Posted on 1/23/21 at 5:17 pm to TorchtheFlyingTiger
Bought for 80 and sold for 80
Posted on 1/23/21 at 6:05 pm to oldcharlie8
quote:If you claimed depreciation from your original $80k cost basis for the years that you rented the house out, that means you'll likely have capital gains (income) upon the sale of the house unless you've made significant capital improvements to your property (which might increase your cost basis and thus decrease your capital gain) while you rented it out.
Bought for 80 and sold for 80
Since you can't claim depreciation for the land the house is built on in most cases but only on the structure itself, the cost basis post-depreciation is unknowable without additional information about your acquisition transaction.
So, again, get a tax person to help you with your tax return.
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