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Investors & landlords
The unknown is the basis you used for depreciation.
When you change property you held for personal use to rental use (for example, you rent your former home), you figure the basis for depreciation using the lesser of fair market value or adjusted basis.[separate land value ,land is not depreciated]
Depending on your circumstances you might want to seek the service of a CPA for the best tax reporting of your particular situation.
This sale has to be calculated two different ways to arrive at your actual gain or loss.
May 31, 2019
9:47 PM