I looked at previous forum answers, my and calculated my TT is incorrect?
I rented a property for all of 2018, but not in 2019. It was our primary home until rented in Nov 2011.
At that time it was valued at a total of $155,603 (land $19,926). It sold November, 2018 $175,000 (land $19,9926). Costs of the sale was $16,371.54 (this includes land tax of $4,176.54 and realtor fees, etc.)
TT shows depreciation of $34,536. This looks correct over 27.5 years.
For depreciation, do I subtract out the land value before I begin depreciation? ($155,603-$1,9926=$135,677).
I made the mistake of deleting the rental property because it asks if it was rented in 2019 and I said no, so followed the instructions and lost my information. Now I'm manually going back and trying to figure it out.
Any help is greatly appreciated.
T
