Aloha,
I'm hoping this is the last clarification. With the information given above,
Sale of Property/Depreciation
Review Information
- Date: 6/1/2015
- Residential Rental Real Estate
- Cost: Autofilled with number higher than my original 2015 input
- Land: Autofilled with number higher than my original 2015 input
- Business: 100%
- Prior depreciation: $24,007
Does the Cost and Land amount inputted now need to be divided in half? Currently, the cost inputted is a little over the full purchase price of the house in 2015 (170k+). I'm concerned this actually makes the house look like it's been sold at a loss which would be incorrect. If I cut it in half, then it does seem to correctly calculate a gain of around $71k.
Also, I appreciate the quick responses. Thank you very much for walking me through this section.
