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Residential rental property sold in 2018 for Gross $393000,
Residential rental property sold in 2018 for Gross $393000, Cost=478310, total depreciation claimed =209149, Adjusted basis=269161 and Gain=123839 I understand since this gain is all recaptured gain, … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,724 satisfied customers
Residential rental property sold in 2018 for Gross $393000,
Residential rental property sold in 2018 for Gross $393000, Cost=478310, total depr=209149, Adjusted basis=269161 and Gain=123839 I understand there should not be any taxable recaptured gain, because … read more
Anne
Anne
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How much does it cost to ask a tax-related question? 2018.
How much does it cost to ask a tax-related question? … read more
Lev
Lev
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A trust will distribute residential rental property to the
A trust will distribute residential rental property to the beneficiaries. The beneficiaries, I believe, will not get any step up in basis, but will use the same cost basis that the trust used. Will th… read more
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When selling a rental property, is all depreciation
when selling a rental property, is all depreciation recapture taxable? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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A new roof is put on an investment property in 1998. Another
A new roof is put on an investment property in 1998. Another new roof is put on in 2018 shortly before the property is sold. Can the cost of both roofs be included in its basis for purposes of calcula… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,724 satisfied customers
TAX QUESTION, I HAVE A CLIENT IN CALIFORNIA HE PURCHASED A
I HAVE A CLIENT IN CALIFORNIA HE PURCHASED A RENTAL IN 2004 I UNDERSTAND THAT I HAVE TO RECAPTURE DEPRECIATION AND ADD IT TO BASIS BUT NOT LAND ONLY IMPROVEMENTS. HE SOLD THE RENTAL IN 2017 I FOUND THAT THE BASIS ON TAX RETURN WAS LOWER THAN ANYTHING AND WHEN I APPLY THE 27.5 YEAR RULE HE OWES TAX. HOW MANY YEARS SHOULD I AMEND HIS RETURN TO REPORT REAL BASIS SO THAT DEPRECIATION ALLOWED IS CORRECT. AND THE RETURNS BACK TO 2004 ARE CORRECT. 3 YEARS FOR REFUND BUT THIS IS BASIS ON A RENTAL HE SOLD. HE HAS EXPENSES ON THE SALE AND THE SALES TAX WITHHELD ON CALIF. WILL BE PART OF THE EXPENSE? ON THE 4797? I READ ALL THE IRS.GOV DOCS VERY CONFUSING. I THINK IT MAY BE BEST TO AMEND ALL OF THE RETURNS. OR SHOULD I JUST REPORT IT AS SOLD AND RECAPTURE WITH REAL FIGURE NOT THE ONE USED AND RUBBER STAMPED. HE CANNOT GO AFTER ERRORS AND OMISSIONS OR HER LICENSE AS SHE IS NOW SELLING REAL ESTATE. SHE SOLD HER TAX BUSINESS. NO LONGER HAS IT. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,724 satisfied customers
I sold a rental property last year, which had assets I've
I sold a rental property last year, which had assets I've been depreciating. I marked all assets "sold" since all of the individual assets were still in the house when I sold it. Upon running alerts, … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I would like to determine if my investment residential
Hi, I would like to determine if my investment residential property can be classified as section 1250, and that I don't need to recapture the prior years' depreciations (using higher tax bracket rates… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,724 satisfied customers
I am a CPA preparing a 1040 who sold a residential rental
I am a CPA preparing a 1040 for someone who sold a residential rental property purchased in 1992 for $51,200. It has tax depreciation allowed of $43,287.31 from 27.5 year Straight line depreciation. I… read more
Anne
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Still doing my income tax. Where do I find depreciation tables
Still doing my income tax. Where do I find depreciation tables and on the IRS website. I have tried but it's too much stuff on there… read more
Lane
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Doctoral Degree
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I am an owner of a condo in Florida and have been told by other
I am an owner of a condo in Florida and have been told by other owners that "standard accounting practice" in computing depreciation / basis of a rental condo in the State of Florida does not break ou… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have an apartment building I own free and clear, with considerable
I have an apartment building I own free and clear, with considerable accumulated depreciation. If I transfer it to a family trust before selling the property to a purchaser as an installment sale, wil… read more
DanielleCPA
DanielleCPA
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Bachelor's Degree
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I inherited a residential rental property with cost basis of
I inherited a residential rental property with cost basis of $108,000 and accumulated depreciation of $14,884 at the date of death. My uncle purchased the property in 1997 and died in 2009. The FMV at… read more
RD
RD
Self Employed
Master's Degree
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I own a rental condo. The building is 33 years old. It has
I own a rental condo. The building is 33 years old. It has an exterior porch attached. 12 of the 14 units have these. Their connection to the building systems were rusted and had to be replaced, costi… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Recapture Question I sold a rental property which I had owned
Recapture Question: I sold a rental property which I had owned for seven years. In three of those years I was unable to benefit from the allowable depriciation - my income was too low to pay any taxes… read more
RD
RD
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Master's Degree
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When a building is reroofed rules require that it be ...
When a building is reroofed rules require that it be depreciated over 29 1/ yrs. As a roof does not generally last that long and has to be replaced after 10-15 years. should you not be allowed to writ… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,724 satisfied customers
capital gains amount due. Purchased residential rental real ...
capital gains amount due. Purchased residential rental real estate 9-29-92 for $225,000. Sold 6-30-06 for $342,905 after closing costs. Straight line depreciation total is $105,544. Rents loss this ye… read more
RD
RD
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