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I need help with how to handle the sale of rental property,

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Hi. I'm Brigitte...

Hi. I'm Brigitte. I need help with how to handle the sale of rental property, sold at less than original purchase price.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Yes. My issue is not common. This was property that was owned by my ex-husband and me. Divorce was Dec. 2005. All these years, he has been the one handling the property, receiving rent, depreciating.... I haven't even listed it in all those years. But now, with the sale, I received 45% of the amount, which was $143,000. 45% of the purchase price years ago was $176,400.

Submitted: 2 years ago.Category: Tax
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Answered in 19 minutes by:
3/1/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,278
Experience: Taxes, Immigration, Labor Relations
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Because the property was rented - we also need to know the amount of accumulated depreciation.

Also please clarify why did you receive 45% of proceeds and not 50% as I assume you were equal co-owners?

We need to know - the sale price and selling expenses as well.

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