Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I bought a condo in 1994, live in it for 10 years, and have…

Customer Question
I bought a condo...

I bought a condo in 1994, live in it for 10 years, and have rented it since that time. I sold it in Feb. of this year, I have no other depreciable assets. I trying to find my tax rate.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Looking for the percentage of tax payable to Colorado.

Submitted: 5 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/8/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 5 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,375
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 5 months ago

You have to report that sale on form 4797 because you used it for rental.You will pay tax on the gain portion of the sale. The gain is the difference in the original cost plus improvements less depreciation and the sale price less the cost to sale.

You must calculate first what your gain is on the sale.

The depreciation that you claimed is also going to be taxed under recapture rules.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 5 months ago

Just checking to see if you responded

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,375
18,375 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,375 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I just got a "notice of deficiency or rejection of refund
I just got a "notice of deficiency or rejection of refund claim" for property I sold Feb 2014. It says I sold property in Feb instead of May 1994 so they are disallowing the modification on my return.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,665 satisfied customers
I have a question involving a 1031 exchange of property that
Hello! I have a question involving a 1031 exchange of property that was later used as a residence. I'm trying to figure out which tax forms to use and how to determine my cost basis. I already know th… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
This is a bit of a tough situation.....I need to report a
This is a bit of a tough situation.....I need to report a sale of a rental condo on Form 4797. Here are the facts:1. Condo was purchased by a married couple in Florida on 8/6/1980. 2. Owners never liv… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought a home in 1994 and lived in it years and then
I bought a home in 1994 and lived in it for 10 years and then rented it until 2015. What is the cost basis for determining capital gains - the amount I paid for it in 1994 or the appraised value at th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I rent an apartment in Washington state and own a condo in
I rent an apartment in Washington state and own a condo in Colorado. 2+ years ago my career brought me back to Washington but I was upside down on my condo. As such I've been renting it out since I mo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I own a condo in fla that is worth half its value from when
I own a condo in fla that is worth half its value from when i bought it. I have rented it out for 10 years and realized loses each year. When i am ready to deduct those losses against ordinary income,… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,375 satisfied customers
I live in a home that I have rented for over 10 years but also
I live in a home that I have rented for over 10 years but also have another property-condo located 30 miles away that I have owned for over 10 years. I sold the condo 4/23/13 and did not have any 2013… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can we exclude capital gain in following situation. Check below (1)
Can we exclude capital gain in following situation. Check below (1) We ( Me and my wife ) bought condo for $142000 in Oct 18th, 1996 . We were primary residence for condo Nov 6th, 1996 to Oct 8th , 20… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought condo joint with my wife for $142000 in 1996. We stay
I bought condo joint with my wife for $142000 in 1996. We stay in condo up to Sep 2010. we gave for rent Nov 2010 to sep 2011. We moved in other bigger house for rent . I bought other house in July 20… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
We ( Me and my wife ) bought condo for $142000 in Oct 18th,
We ( Me and my wife ) bought condo for $142000 in Oct 18th, 1996 . I was primary residence up to 13th Nov 2010. We rented this condo from 14th Nov 2010 to 15th Sep 2011 because we were looking for big… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,375 satisfied customers
I bought my daughters condo in May so that she could buy a
I bought my daughter's condo in May so that she could buy a house. I intended to stay there when visiting her. I had about $10,000 in work done (Painting, walls, redoing ceilings, etc). I had the oppo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have 2 condos that I bought in year 2011. One has been rented
I have 2 condos that I bought in year 2011. One has been rented for 6 months. The other wasn't rented until January 2012. Due to remodeling the condo. On the one that has been rented for 6 months can … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
Cannot figure out how to complete 4797 & whether I can utilize
Cannot figure out how to complete 4797 & whether I can utilize the installment plan (Form 6252). Condo purchased for $124,534 in 1989. Converted to rental property in 1994. Basis $123,000 for deprecia… read more
geedubya55
geedubya55
Owner
Bachelor
187 satisfied customers
Last year, I sold a rental property, and I dont know if it
Last year, I sold a rental property, and I don't know if it was for a gain or loss. How do I determine that?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Lived in Parma, OH for 9 yrs, put condo up for sale 2/2006.
Lived in Parma, OH for 9 yrs, put condo up for sale 2/2006. By 4/2006 I purchased and lived in a condo in North Ridgeville, OH. Been paying loan/main. fee/prop. tax on Parma condo along with new condo… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,375 satisfied customers
We moved from our Primary Residence in Feb 2006 to Las Vegas.
We moved from our Primary Residence in Feb 2006 to Las Vegas. We signed a lease on a home to rent in Las Vegas on 2-14-06 . Our Condo in Chicago remained vacent and sold and closed on 07-1-06. We purc… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I bought a house in 1994. Started building new home in 2000 ...
I bought a house in 1994. Started building new home in 2000 thinking I would sell 1994 house before I closed on new one. Could not sell 1994 house and rented until sold in 2005. Had borrowed money fro… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
If I sell both homes what is the % I will pay capatol gains
3 years ago I bought a condo that I lived in for 3 years. When I got married I rented the condo and bought a home for my wife and i. I am going to sell the one we live in to move to Taxes. Will I have… read more
R. Greg Paszkiewicz
R. Greg Paszkiewicz
Accountant
Bachelor Degree
140 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x