land sales price is 0 but the sales price is $315,000. Your total gain on the property should be $315,000 -140,000 - 3833=$211,167. The depreciation taken is recaptured by reducing your original basis by the amount of the depreciation.
No, you won't be able to write off a loss if it existed. now my question is, how did you calculate the depreciation? Rental property is calculated on a 27.5 straight-line deduction. This calculation may not be exact but close but $140,000/27.5= $5091. Did you allocate a portion of your $140,000 basis to a land basis?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
