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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6224
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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HOUSE AS RENTAL PROPERTY FOR 24 YRS AND HAS BEEN DEPRECIATED

Resolved Question:

HOUSE AS RENTAL PROPERTY FOR 24 YRS AND HAS BEEN DEPRECIATED OUT. SOLD THIS HOUSE IN 2010 HOW MUCH OF THE DEPRECIATION MUST I SHOW IN MY SALE.
Submitted: 5 years ago.
Category: Tax
Expert:  Stephen G. replied 5 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

You'll need to complete Form 4797, but the gain will be based upon the net book value compared to the net selling price.

Stephen E. Grizey :

So all of the depreciation will affect the gain.

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