I bought a condo in 2013 for $230,000 and have rented it a few months each year. Because by AGI is over the limit, I have never received any deductions on my taxes. I have suspended loss of $110,000 and disallowed loss of $130.000. On the Depreciation and Amortization Report the Cost (Net of Land) column total is $255,870; the The Section 179 column is $1,937; the Depreciable Basis column is $236,513; the Prior Depreciation column is $93,205. If I sell the condo for $500,000 how do I figure out the capital gains and what do I do with the disallowed and suspended losses since I never have received and tax deduction that I would have to pay back.
Hope you can help me out? [email address removed]
