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I sold my rental property last year. I bought it in Fe.

Hi. I sold...

Hi. I sold my rental property last year. I bought it in Fe. 1999. And lived until July 2005 at which time I converted it to a rental property. I sold it in Feb. 2017. I need help with how to report the sale. I think I need to complete form 4797. But don’t know if I need to computer section I or III.

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Answered in 2 minutes by:
3/25/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,039
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.
The sale will go in part 3. The rental property is considered Section 1250 property.
Let me know if you need anything else. If not, please leave a rating. Thanks!
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,039
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 30 days ago
Gross sales is what the property sold for correct? Then what is the cost or other basis in line 21?
Correct. Your basis is the amount you were depreciating your rental home for. So, in 2005, you would have started depreciating it. It would be that amount plus any additional assests you were depreciating.
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Customer reply replied 30 days ago
Assets associated with the house? Such as AC unit?
Anything on your depreciation schedule.
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Customer reply replied 30 days ago
Do you have to file schedule D in association with form 4797. If, so which portions of schedule D do you complete?
Yea your gain or loss goes to part 2 line 11
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Customer reply replied 30 days ago
Do you have to complete the rest of schedule D?
Yup. It'll go to the 2nd page.
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Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
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