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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I need assistance calculating the 'adjusted basis' for

Customer Question

Hi, I need assistance calculating the 'adjusted basis' for a foreclosed property
Submitted: 1 year ago.
Category: Tax
Expert:  Tax-Scholar replied 1 year ago.
Hello Brian - First off is this business or personal property? Have you been claiming depreciation on the property?
Customer: replied 1 year ago.
Hello, It’s personal property (second home) and I’m checking now on whether or not I’ve claimed depreciation.
I’ll get right back to you. What Form would that be covered on if I did? Thanks.
Customer: replied 1 year ago.
Yes, it looks like I have claimed depreciation (on the 4562 Form). Also, I have Schedule E (Supplemental Income and Loss) and 8582 (Passive Activity Loss Limitations). Please let me know what info you need. Thanks.
Customer: replied 1 year ago.
Are you still there (and working on this)? :)
Customer: replied 1 year ago.
Customer: replied 1 year ago.