Thank you, Diane. I reviewed my form 4562 and found that most of the depreciable assets had already completed their depreciation life...showing zero for current depreciation. The property I sold was purchased for 99500, 85000 for the cost net of land and 14500 for the land. I made a significant gain.
Help me with two examples, please. I will use approximate numbers....
1.So when I go down the list of assets (I have always used TurboTax and have the comprehensive list), my 14 year old kitchen cabinets had a cost of 4700, a depreciable basis of 2400, an expired life of 10 years and no remaining depreciation. How will I determine value in this case? (they were still in great condition, BTW)
2. New windows had a cost of of 2300 with the same depreciable basis, a life of 27.5 and remaining depreciation of 1300. Value?
Finally, total asset additions to sale over the 22 years of ownership totaled about 25000. This was added to the cost net of land over the years. Is this significant? Does it relate to the sale value?
Thank you in advance!
