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Investors & landlords
Only the sales proceeds and selling expenses need to be allocated.
Gain or loss on sale of any asset is calculated as Sales Proceeds less Adjusted Basis.
If you have recorded the additional improvements as well as the rental residence itself as Rental Assets, you should have a Depreciation Report to show the adjusted basis of all assets individually and in total.
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March 13, 2025
6:27 PM
3,415 Views