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Deductions & credits
So getting back to my original question. I don't believe the simplified deduction is the method I should use and I think cap gains will need to be calculated. So is the approach that easy that I just add up all the depreciation that was taken for the house during the time the business was going on and pay the tax on that or do I need to fill out the worksheets in publication 523 figuring the amount of the sale of the house minus the original cost paid years ago. Or am I making too much out of this?
‎September 4, 2024
9:54 AM