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Investors & landlords
still don't know what you are doing wrong but based on the numbers you provided
167500 less selling expenses of 4600 is a net of 162900
200000 less depreciation of 27719 is net basis of 172281 (ignoring 2024 depreciation)
thus there should be a loss
however, why 25% depreciation? if from 2007-2024 it was only a rental and not also your personal living space depreciation should have been at 100%. The tax laws require you to recapture the depreciation you should have taken even if you never took it. The correction requires filing form 3115 which should be left to a pro. if this was rented to family or friends at below market value it raises another issue. these are issues that can't be resolved in this forum. see a tax pro.
‎February 12, 2025
7:20 PM