Thank you. (1) purchase price $215,000, purchase costs $4,000, improvements pre-rental $2,000, improvements during rental $12,000 (2) FMV house $128,000, land $64,000 (3) depreciation taken $25,000 (4) sales price $212,000, credit to buyer at closing $7,000, selling expenses $24,000. I used the FMV of $128,000 for depreciation. Thinking I would handle as a sale of Business Property? Not rental bc sold at less than purchased and more than FMV?
