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Investors & landlords
Yes, you would enter the Depreciation Allowed for the rental period 1995-2000 on Line10 of the Home Adjusted Basis Worksheet.
To decrease Capital Gain you realize from the rental home sale, make sure to also increase the basis you originally used by the amount of renovation you did.
For example, if you used a basis of 100K when you first set up the home as Rental Property, and you did 50K worth of renovations to it prior to the sale, you would want the new basis for the sale to be 150K.
Not sure what your time period of May 1997-2000 represents, but if the house was considered a rental from 1995-2000, then enter the full amount of Depreciation for that period.
Click the link for more info on info on Sale of Rental Property
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‎January 20, 2020
2:38 PM