Thank you I will follow up on your suggestions.
Question regarding 'boot'. I purchased a new rental property which was more than half the price of the duplex sale, so more than the rental sale portion. However, I did not take a mortgage out on that, but still followed the 45 day 1031 requirements and have that confirmation form from the escrow. Are you saying because no mortgage it it taxable gain? That confused me.
And yes, TT has been doing the depreciation over the years, but I will have to look for the receipts for the expenditures, half of which were depreciated, so that I can go against basis of other half of duplex.
Question: The home is one depreciable item under the business property, so is 'new garage doors' 'window treatments', etc. Assuming I close them out as well as 'taken out of service' due to sale?
It asks, 'was this asset included in sale of your main home?'
It was in the rental unit so that would be a 'no' ? And if so, then it wants a price for it which I can't do because fully depreciated and not separated out in sale of duplex. Confusing a bit.
Thanks,
Adam
