I have previously used a tax firm to do my taxes. They calculated the basis of the property at $96K and the land at $10K. Previous depreciation is 10,700 brining the revised basis down to $84K. I sold the property in July for $77K.
How do I calculate the loss?
Can I count closing costs in the amount?
And do I need to calculate depreciation on the portion of the year that the property was rented?
Does this loss offset my income; or only offset capital gains?
